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INX Digital Company Inc (The)
Symbol INXD
Shares Issued 204,136,150
Close 2022-03-31 C$ 0.84
Recent Sedar Documents

INX Digital hypes up its recent and coming achievements

2022-04-01 10:35 ET - News Release

Mr. Douglas Borthwick reports

THE INX DIGITAL COMPANY CORPORATE QUARTERLY UPDATE

The INX Digital Company Inc. has shared its 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 licences added to the license collection, the introduction of INX's generous referral program and multiple engagement letters signed with future token issuers.

INX will delve into more detail in this update regarding all these initiatives, each of which builds on INX's readiness for its crypto app release later this month. INX has opined a number of times that it is about to hit the global stage in a much larger capacity. Now it has laid the table and is ready to welcome newcomers to the INX platform that it has built over the past 12 months.

This month INX welcomed listings of SAND, MANA and MATIC to the INX Digital platform. These tokens passed through INX's internal process and are now listed against the U.S. dollar and other cryptocurrencies. INX has a long list of protocol and other tokens to join them on INX Crypto, and expects to see its offerings begin to rise considerably over the next few months; indeed, INX expects 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 INX acquired Openfinance, the only way to move funds onto the platform was via a wire transfer or through transferring ethereum and waiting three working days. This was obviously not acceptable, and so INX added ACH, and SWIFT for those outside the United States. INX 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. INX's token holders use this feature with great confidence, and INX is extremely excited to have found a way to thread that needle.

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 INX's 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 INX has yet to find issues when funds are transferred from one named bank account to another.

As you know, INX's securities platform is integrated with Metamask. Metamask usage has grown significantly globally, and over the past week it added new functionality for converting global fiat into ETH via its 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 three working-day path of old.

As regards money transmitter licenses: this past month INX added North Carolina, Idaho, Nebraska and Mississippi. INX now holds 38 U.S. states and territories, representing around 67 per cent of the U.S. population. With INX's crypto business open to two-thirds of the U.S. and its securities business to 100 per cent, INX is excited to launch its app in the coming month. As a reminder, the first app will be only for crypto trading, but the second app, expected this fall, will incorporate both crypto and securities (primary raises and secondary trading).

INX's referral program was introduced this past week and already the company has noticed an uptick in onboarding. It is a multistep process, beginning with registration, a deposit by the referred user and then trading. INX has already heard of numerous imaginative ways that its community is using the referral codes to attract new registrants and users, from adding the link to youtube videos, creating websites, sending e-mails to friends and family, and even enterprising college students going door to door in their dorms. INX's referral program is an excellent way for anyone to earn additional income from spreading the INX message, and the company is already excited by the results and the enthusiasm it is generating.

INX's capital raising business has been firing on all cylinders, with 11 engagement letters sent to issuers and five already signed. This means INX's primary raises will soon begin and the company is excited to introduce these issuers to the world. Of the signed engagement letters, INX has capital raises in the works for an app related to transportation, a bitcoin miner looking to distribute 50 per cent of all bitcoin it mines, an over-the-counter company looking to delist and trade on INX, a real estate-related token looking to delist from another exchange and list on INX's ATS, and an ESG (environmental, social and governance) play that is building a technology to convert waste into usable energy. INX very much looks forward to starting their journeys and bringing their communities to INX. More details will be shared as the process moves along. INX has many more companies in its pipeline, and only send out engagement letters once a company is close to launch.

Finally, next week INX 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 INX's deputy group chief executive officer and chief operating officer Itai Avneri, chieff business officer Douglas Borthwick, the head of business development, and other team members. INX will be ready to discuss its vision, the app, digital securities and all things crypto. Come visit INX at booth No. 1203.

About The INX Digital Company Inc.

The company is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. INX's journey started with its initial public token offering of the INX token, in which it raised $83-million (U.S.). The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the Securities Exchange Commission and the Financial Industry Regulatory Authority.

We seek Safe Harbor.

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