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HomeNewsINX Conducts First-Ever SEC-Registered Security Token Offering, McDermott Leads Round

INX Conducts First-Ever SEC-Registered Security Token Offering, McDermott Leads Round

Israeli blockchain company INX Limited got the green light for a security token sale of up to 130 million INX Tokens at a purchase price of $0.90 per Token – when declared effective by the Securities and Exchange Commission (SEC) on August 20, 2020. The offering closed on September 14, 2020, after receiving purchase commitments that exceeded the offering minimum.

International law firm McDermott Will & Emery represented the public offering. This is the first public offering of blockchain assets registered under the Securities Act of 1933.

“This offering represents a bold step forward, not just for INX but for the larger blockchain community,” said Mark Selinger, lead for INX’s US counsel and New York-based partner.

“Our client had both the foresight and the patience to pursue a registered offering. By working with US regulators, our client has pushed past the next boundary toward widespread adoption of blockchain assets both by retail investors and mainstream financial institutions.”

“This transaction is a testament to McDermott’s commitment to knocking down barriers and really paving the way,” said Harris Siskind, global head of McDermott’s Transactions Group.

“Not long ago, SEC-registered Tokens were merely an idea, and we’ve now set the precedent for public offerings of blockchain assets.”

The offering raised novel US securities law issues relating to the registration of the INX Token, which is a hybrid security with several complex features. The McDermott Capital Markets Practice assisted INX in navigating the offering through the SEC, including multiple conversations with senior members of the SEC Staff. INX intends to utilize the proceeds from the offering to establish platforms for the trading of cryptocurrencies and security tokens.

The McDermott team was led by Mark Selinger and Dan Woodard and included Gary Emmanuel, Heidi Steele, John Lutz, Ted Laurenson, Darren Azman, Alexandra Scheibe, Joseph Evans, Richard Bass and Eyal Peled.

The offering described herein is ongoing and is being made only by means of a prospectus. This press release is not a prospectus and does not constitute an offer to sell or a solicitation of an offer to buy any securities, including the INX Tokens.

Richard Kastelein
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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