August 20, 2019 Crypto exchange INX aims to raise up to $130 million in a security token IPO, pending SEC approval.

Though the exchange is not yet operational, INX aims to launch seperate security and utility trading platforms and will register as a broker-dealer and ATS. The INX token entitles holders to 40% of net operating cash flow and a 10% discount on security token trading fees. The offering is open to all investors, subject to a KYC process. This would be the first instance of an SEC-registered security token sale; the SEC-approved Blockstack and Props offerings distributed self-described utility tokens.