Republic to Acquire INX Digital for Up to $60 Million
Investment firm Republic has announced its intention to acquire the crypto trading platform INX Digital (INXDF) at a valuation of up to $60 million. This acquisition will be facilitated through Republic’s subsidiary, Republic Strategic Acquisition, which will be purchasing all issued and outstanding shares of INX.
The announcement, made on Thursday, indicates that the transaction is anticipated to close within a timeframe of eight months, contingent upon the fulfillment of standard closing conditions. Republic, which already holds a 9.5% stake in INX acquired earlier in 2023, will fully integrate its operations with INX following the completion of this transaction.
Based in New York, Republic believes that this strategic acquisition will significantly enhance its standing as a blockchain investor. It aims to create new avenues for trading tokens and to explore secondary market opportunities that encompass both cryptocurrencies and real-world assets (RWAs).
Following the announcement, INXDF’s shares experienced a notable surge, opening at $0.02 and soaring to $0.16 before experiencing a slight decline to $0.09 within a few hours.
