The global financial firm Republic is planning on purchasing a crypto and tokenized securities trading platform for tens of millions of dollars.
According to a new press release, Republic – founded in 2016 and backed by banking giant Morgan Stanley – plans on purchasing real-world asset tokenization platform INX (INXDF) for up to $60 million.
The terms of the deal would have Republic purchase all outstanding public shares of INX for approximately $54.8 million, though the finalized deal could be worth up to $60 million.
The press release says Republic was interested in acquiring INX because it allows the firm, which was already a shareholder of INX, to fully immerse itself in the world of digital assets by providing blockchain-based decentralized finance (DeFi) and tokenization services.
As stated by Shy Datika, Founder and chief executive of INX,
Joining forces with Republic accelerates our vision of a fully regulated, tokenized economy that empowers investors globally. Together, were setting a new standard for how real-world assets and digital securities are issued, traded, and managed.
By combining INX‘s expertise in security token and cryptocurrency trading with Republic’s global investment reach, the merged entity will offer a full investment lifecycle in a regulated and scalable ecosystem – bridging traditional finance and blockchain technology.
According to the press release, Republic is purchasing the rest of INXs outstanding shares at a staggering 457% premium, based on its latest closing price.
INXDF is trading for $0.0634 at time of writing, a 20.75% decrease on the day.