The INX Digital Company, Inc., the owner of digital asset trading platforms, is pleased to share our Corporate Quarterly Update. March has been a busy month for INX. Very busy. With new cryptocurrencies listed on INX Crypto, new payment options added to both platforms, a flurry of money transmitter licenses added to our license collection, the introduction of our generous referral program, and multiple engagement letters signed with future token issuers.
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We will delve into more detail in this update regarding all these initiatives, each of which builds on our readiness for our crypto App release later this month. We have opined a number of times that the company is about to hit the global stage in a much larger capacity. Now we have laid the table and are ready to welcome newcomers to the INX platform that we have all built together over the past 12 months.
This month we welcomed listings of SAND, MANA and MATIC to the INX Digital platform. These tokens passed through our internal process and are now listed against the USD and other cryptocurrencies. We have a long list of protocol and other tokens to join them on INX Crypto and expect to see our offerings begin to rise considerably over the next few months; indeed, we expect to add LINK next week.
Moving money onto and off the platforms in a frictionless manner has been a priority for the team. If you can remember, when we acquired Openfinance, the only way to move funds onto the platform was via a wire transfer or through transferring ETH and waiting 3 working days. This was obviously not acceptable to any of us, and so we added ACH, and SWIFT for those outside the US. We also accelerated the transfer and exchange of ETH and USDC payments to less than 20 minutes, whatever the time of day or day of the week. Our token holders use this feature with great confidence, and we are extremely excited to have found a way to thread that needle.
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Perhaps more exciting is the fact that when ETH, USDC and BTC are moved to INX Securities, any USD balances resulting from crypto sales are held in a bank account in the user’s name at our third-party banking partner. This has been of great help to many users that have sought to cash out of cryptocurrencies on other platforms, yet have been stymied whenever they wanted to transfer USD funds back to their primary bank. It is certainly true that some traditional banks often have trouble with receiving funds from a crypto exchange, but we have yet to find issues when funds are transferred from one named bank account to another. You can apply to INX securities here.
As you know, our securities platform is integrated with Metamask. Metamask usage has grown significantly, globally, and over the past week they added new functionality for converting global fiat into ETH via their wallet. Now you can add ETH to your wallet from a credit card and even ApplePay! A number of industrious community members have noted that with this functionality they are able to add ETH to their wallet via ApplePay, then send that ETH to INX Securities and have USD credited in their securities account in less than 15 minutes. While this is not yet instant, it has indeed come a long way from the 3 working days path of old!
As regards money transmitter licenses; this past month we added North Carolina, Idaho, Nebraska, and Mississippi. We now hold 38 US States and territories, representing around 67% of the US population. With our crypto business open to two-thirds of the US, and our securities business to 100% we are excited to launch our App in the coming month. As a reminder, the first App will be only for crypto trading, but our second App, expected this Fall, will incorporate both crypto and securities (primary raises and secondary trading).
Our referral program was introduced this past week and already we have noticed an uptick in onboarding. It is a multi-step process; beginning with registration, a deposit by the referred user, and then trading. We’ve already heard of numerous imaginative ways that our community is using their referral codes to attract new registrants and users. From adding the link to youtube videos, creating websites, sending emails to friends and family, and even enterprising college students going door to door in their dorms! Our referral program is an excellent way for anyone to earn additional income from spreading the INX message, and we are already excited by the results and the enthusiasm it is generating.
Our capital raising business has been firing on all cylinders, with 11 engagement letters sent to issuers and 5 already signed. This means our primary raises will soon begin and we are excited to introduce these issuers to the world. Of the signed engagement letters we have capital raises in the works for an App related to transportation, a bitcoin miner looking to distribute 50% of all bitcoin they mine, an OTC company looking to delist and trade on INX, a real estate-related token looking to delist from another exchange and list on our ATS, and an ESG play that is building a technology to convert waste into usable energy. We very much look forward to starting their journeys and bringing their communities to INX. More details will be shared as the process moves along. We have many more companies in our pipeline, and only send out engagement letters once a company is close to launch.
Finally, next week we will be hosting a booth at Bitcoin Miami 2022. It would be great to meet in person. So if you are around, please look for our Deputy Group CEO and COO Itai Avneri, CBO Douglas Borthwick, our Head of Business Development, and other team members. We will be ready to discuss our vision, the App, digital securities and all things crypto! Come visit us at booth #1203.
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