Thursday, September 29, 2022
News
NEWS HOME
»
PRN INDIA
The INX Digital Company Reports Second Quarter 2022 Update and Financial Results
  SocialTwist Tell-a-Friend  
   

TORONTO, Aug. 16, 2022 /PRNewswire/ --  The INX Digital Company, Inc. (NEO: INXD, OTCQB: INXDF) (the "Company"), the owner of digital asset trading platforms, a broker-dealer, and an inter-dealer broker, announced financial results for its  second quarter ended June 30, 2022.

INX MAKES HISTORY WITH THE LISTING OF THE WORLD’S FIRST SEC-REGISTERED DIGITAL SECURITY, COLLAPSES TRADING FEES

Investment gains/losses for any particular period as described are not indicative of quarterly business performance. Earnings of The INX Digital Company, Inc. for the second quarter of 2022 are summarized below.

2022 Q2 Financial Highlights:
  • Cash and cash equivalents of $39.9MM.
  • Reserve Fund maintained at $36.0.MM.
  • INX Revenue for Q2 2022 at $887,000 and $2.4MM year to date, primarily from transaction fees.
  • Year to date net cash used in operating activities at $10.6MM.
  • Significant growth of new registrations on INX trading platforms, over 73,000 new users added during Q2 2022 compared to approximately 18,000 in Q1 2022.
  • Expansion of product offering by INX Securities to customers from Chile, Estonia, Luxemburg, Malaysia, Slovakia, and South Africa.

INX reports a quarterly net income of $77.3MM. However, this number includes an unrealized gain on the INX Token issued of $78.2MM and a gain on the token warrant liability of $3.7MM, both of which are additive to net income. Additionally, the net income includes $1.6MM of equity-based compensation expense and a one-time cost of $5.9MM associated with the reverse takeover transaction that resulted in the company being listed on the NEO Exchange in Canada (listed on Jan 24th, 2022, NEO: INXD). Adjusted for the above mentioned non-cash and one-time items, the Company's adjusted net loss for Q2 2022 is $2.9MM. The adjusted net loss is a non-IFRS measure.

Notable actions taken by INX during the second quarter of 2022 were strategic and proved impactful

During the second quarter of 2022, INX Digital, the company's cryptocurrency trading platform, launched a referral program, quickly followed by the launch of a native mobile application for the trading of digital assets. The INX app is available on both Google Play and iOS app stores. These two significant initiatives, combined with other successful marketing efforts, brought over 73,000 new registered users to the INX trading platforms (compared to 17,674 in Q1 2022). To further fulfill its vision of bridging traditional and digital economies, INX continues to create new and innovative alternatives for individuals and businesses, as stated in this report.

The company received significant media coverage with the announcement on June 28, 2022, that INX had signed a memorandum of understanding (MOU), a non-binding agreement, with SICPA, the leading provider and longstanding partner and advisor to global central banks. Through its deep expertise in identification and security solutions for physical cash, SICPA, based in Switzerland, develops innovative forgery-proof security features that protect monetary sovereignty. Utilizing INX's technology and blockchain expertise, the planned joint venture between INX and SICPA aims to enable global governments to expand their access to payment infrastructure, facilitate cross-border digital remittances, maintain sovereign currency control through rigorous regulation, and introduce privacy and safety measures. Under the terms of the MOU, the Company will engage in a joint venture with SICPA to establish a blockchain solution for Central Bank Digital Currency (CBDC) and the supporting ecosystem to further bolster monetary sovereignty and growth for countries within the global digital economy.

The company's mission became even more critical and relevant in light of the growing economic crisis combined with volatility in the crypto markets. INX has consistently committed to adopting all regulatory requirements to create a trustworthy ecosystem. It is fully regulated on both its cryptocurrency and digital securities platforms.

In the past few months, traditional market and digital market events have highlighted the importance of both solid regulatory structures overlayed with strong liquidity risk management, the foundation on which the company was established.

During the second quarter of 2022, the company added multiple cryptocurrency assets to its cryptocurrency INX Digital trading platform. In addition, a number of engagement letters with new potential global issuers of digital securities were signed, as a growing number of companies on-board the unique solution for primary offerings, token management services, secondary listing, and trading offered by INX Securities.

The number of digital security issuers is projected to grow through the end of this year.

On the advocacy front, INX became a leading member of the Global Digital Asset & Cryptocurrency Association ("Global DCA") to further lead the establishment of a tokenized economy and expand its mission of bringing regulated digital asset opportunities to all investors.

In the past quarter, INX accumulated multiple money transmitter licenses, allowing it to offer cryptocurrencies to customers in 40 U.S. states and territories. It currently welcomes residents in every U.S. state for securities trading. Meanwhile, it is growing a pipeline of exclusive issuers to bring to the market as either IPOs or private offerings.

INX CEO Shy Datika: "INX has a clear mission to create access to diverse and innovative financial opportunities for all. In the past few months, we've seen this mission come to life through the adoption of new services, global partnerships, and collaborations. Furthermore, our unprecedented commitment to a regulated environment for cryptocurrency and digital securities trading has become more relevant than ever. Regulators are paying closer attention to cryptocurrencies, and current market conditions highlight the importance of regulation as a cornerstone. We are gradually establishing more avenues for responsibly accessing cryptocurrencies and digital securities. We will continue to design and strengthen INX's regulated digital asset trading ecosystem and lead the transition between traditional and digital economies."

About The INX Digital Company, Inc. INX 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. Our journey started with our initial public token offering of the INX Token in which we raised US$83 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.

In addition to operating two regulated trading platforms for blockchain assets, INX's interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the future. For more information, please visit the INX Group website here.

Cautionary Note Regarding Forward-Looking Information and Other Disclosures

This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, INX has made certain assumptions, including with respect to the expected benefits of the joint venture with SICPA, the continuous development of the INX trading platforms, and the development of the digital asset industry. Although INX believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to regulatory developments, the state of the digital securities and cryptocurrencies markets, and general economic conditions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, INX disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

The NEO Exchange is not responsible for the adequacy or accuracy of this press release.‍

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.‍

For further information

Contact:
The INX Digital Company, Inc.
Investor Relations
+1 855 657 2314
Email: investorrelations@inx.co‍

Carrie Rubinstein
Head of Content and Media  
Email: carrie.rubinstein@inx.co

Logo - https://mma.prnewswire.com/media/1581171/INX_Logo.jpg  

More News by PR Newswire India

LyondellBasell Postpones Restart of Berre, France Cracker until Next Year

SI GROUP EXPANDS LUBRICANT ADDITIVE PORTFOLIO WITH NEW AMINIC ANTIOXIDANT

KEREN AVIDAR NAMED INX GLOBAL GENERAL COUNSEL

Asian Hall of Fame Announces Induction 2022

ViewSonic Expands its Gaming Monitor Line with the New OMNI Series for Casual Gamers

Fibocom Launches New Generation of 5G Sub-6GHz and mmWave Module FX170(W) Series Based on Snapdragon X65 5G Modem-RF System at MWC Las Vegas 2022

Himalaya Wellness Company Partners with NIMHANS to Launch Project SURAKSHA

Dr. Giovanni De Micheli Honored with 2022 Phil Kaufman Award Presented by ESD Alliance and IEEE CEDA

Dynata's Global Consumer Trends survey: 53% of people are struggling to afford basic needs; 67% have reduced spending to combat inflation

BellSoft Releases Alpaquita Cloud Native Platform for Java Developers

LCOE-centered, 600W+ module drives global PV market with four key competencies

ABILITY DIABETES GLOBAL - A Landmark RCT in the field of PCI for patients with DM, completes Enrolment

Bitget Ranks As The Top Crypto Derivatives Exchange With 0 Trading Fees

CRMNEXT features in Gartner® Magic Quadrant 2022 as 'Visionary' in Sales Force Automation technology

IBIS STYLES ENTERS THE METAVERSE WITH 2022 'OPEN TO CREATORS' VIRTUAL ART GALLERY & CONTEST - FEATURING DIGITAL CREATORS FROM AROUND THE WORLD

Former CEO of Tricentis and renowned testing industry veteran, Sandeep Johri joins LambdaTest's board

Trina Solar Demonstrates Commitment to India, Showcases Cutting Edge N-Type Module at REI Expo 2022

Lifestyle's new festive campaign inspires one to groove in style

ZTE endorses Catalyzing Electrification Accord

FPT Industrial announces the acquisition of a minority stake in Blue Energy Motors

Moonfare Expands Foothold to India opening Digital Private Market Investing Platform to eligible investors

Ideanomics' subsidiary Energica to provide electric motorcycles for the upcoming G20 Bali summit

DBS Bank India collaborates with HDFC ERGO and Atradius to provide Trade Credit Insurance solution to Tata Metaliks

AFFINIS helps organizations ease compliance with the Structured Digital Database requirements of SEBI

Daiichi Sankyo joins Startup Creasphere's Program Powered by Plug and Play

Handheld releases new Nautiz X81: An ultra-rugged 5G Android 12 handheld with a familiar feel

The Mindful Foundation brings courses from Oxford Mindfulness Foundation to India

UST Recognized for Human Resources Excellence Across Nine Categories at the 2022 Brandon Hall Awards

ScentAir Continues its Sustainability Initiatives to Enhance Immersive Sensory Experience

Sweden spellbinds travellers with new chilling audio story

Edvoy launches 'Refer a friend' programme as thank you to student advocates

Pharming Announces US FDA Acceptance for Priority Review of its New Drug Application for Leniolisib

WinWire Has Earned the Modernization of Web Applications to Microsoft Azure Advanced Specialization

UNIVERSAL MUSIC INDIA ACQUIRES MAJORITY STAKE IN TM VENTURES, A LEADING INDIAN MUSIC & ENTERTAINMENT COMPANY

M&M'S® Welcomes First New Character in a Decade

Global Business Leaders Say Hybrid Cloud is Critical to Modernization, Yet Security, Skills and Compliance Concerns Impede Success

GLOBAL STANDARD OF CARE SIGNIFICANTLY REDUCED DUE TO MENTAL HEALTH OF HEALTHCARE WORKERS

Vieworks to Showcase Industrial Cameras and Lenses at VISION 2022

Eviation's Alice Achieves Milestone with First Flight of All-Electric Aircraft

SAUDI ARABIA IS THE FASTEST GROWING TOURISM DESTINATION IN THE G20

Internet sensation Khaby Lame announced as QNB Group's Official FIFA World Cup Qatar 2022™ Brand Ambassador

GIGABYTE Launches Z790 Series Motherboards Supporting Dual-Generation Intel Processors

Deltek Research to Unveil Top Federal Contracting Opportunities for 2023

ViewSonic Unveils Industry-First Foldable 135" All-in-One LED Display Solution Kit

NEOM Tech & Digital Company steps into the future as 'Tonomus'

Global Fab Equipment Spending Forecast to Reach All-Time High of Nearly $100 Billion in 2022, SEMI Reports

Kohler India celebrates their 10th Year of Pecha Kucha in New Delhi, India

U.S. Soy Sustainability Assurance Protocol (SSAP) Certificates Can Now Be Transferred

CP KELCO PARTNERS WITH EXOPOLYMER TO BRING NEXT-GENERATION FUNCTIONAL BIOPOLYMERS TO MARKET

Old Mission Selects Solace to Support Rapid Growth of Business through Event-Driven Architecture

GIGABYTE Launches Four AMD X670 Motherboards for New Ryzen 7000 Processors

SRK Knowledge Foundation announces transformational partnership with The Global Network for Zero

LyondellBasell Announces Organizational Changes

HarperCollins India presents HAPPILY INSURED: Your Guide to Understanding Insurance and Leading a Stress-Free Life by Kapil Mehta

Hisense Unveils Its FIFA World Cup Qatar 2022™ TVC "Perfect Match" Ahead of Tournament

The 2022 4th "My China Story" International Short Video Competition Award Ceremony was held in Hangzhou, Zhejiang

Light up the festive season with 'Sale Dhamaka' on MSI's laptop range

GLOBAL LEADERS, EXPERTS, AND CULTURAL ICONS CONVENE AT THE MILKEN INSTITUTE ASIA SUMMIT TO CELEBRATE A TRANSFORMED WORLD

Bank of Baroda rolls out 'Khushiyon ka Tyohaar' as the Festive Season begins

XCMG New Port Machinery's High-end Intelligent Industrial Development Project Base Launches Production

NATIONAL INSTITUTE FOR HEALTH AND CARE RESEARCH CONDUCTS A GLOBAL ANNUAL MEETING TO ADDRESS RESEARCH IN SURGERY IN INDIA

DEAKIN UNIVERSITY HUBS to be set up in India at OP Jindal Global University, Symbiosis International University and Chitkara University

TargEDys and Inoliva announce they have entered a distribution partnership to bring Satylia® to Turkey

Top 50 Start-ups Bringing Innovation to the Global Homes and Buildings Industry

How Healthcare Organizations Can Enhance a Holistic Patient and Member View by Improving Insights from Data

Tata AIA Life Fortune Guarantee Pension gets a powerful upgrade

PDRL aims to certify 10,000+ candidates on AeroMegh Platform in the Drone Industry by the year 2024

DAZN ACCELERATES GLOBAL GROWTH MOMENTUM WITH ACQUISITION OF ELEVEN GROUP BUSINESSES

GoingZero Big Diwali Sale: Up to 40% Discount And Free Shipping On Zero Waste Products

Slow-fashion brand FREECULTR becomes the official merchandise partner for FIFA 2022™

Purple Quarter Facilitates HCAH's CTO, Ex-DealShare Techie Onboarded

Ghodawat Consumer awarded - Fastest growing FMCG Company of 2022

Cine Star Cricket League launched with television and entertainment industry's Divas

ELLE FANNING IS THE AMBASSADOR OF FAME, PACO RABANNE'S NEW FEMININE FRAGRANCE

Saudi Data, AI Authority (SDAIA) and Ministry of Energy Partner with IBM to Accelerate Sustainability Initiatives in Saudi Arabia Using AI

Unstoppable Women of Web3 Launches New Education Streams

PNAS Partners with Straive for Production Services

MOBILEUM convenes the region's leading telecom operators at WEMEET ASIA 2022

Bizverse has officially become a Meta long-term strategic partnership

STL divests IDS as a part of its ongoing portfolio realignment

Frost & Sullivan Honors Tampa Electric Company and Warren, Simpson & Butler County Water Districts with Itron Excellence in Resourcefulness Awards

Mindray Showcases Hematology Innovations and Academic Achievements to the World at ISLH 2022

Deepak Chopra & Seva.Love Announce "ChopraVerse: House of Enlightenment," the Metaverse for Wellbeing in Collaboration with Utopia

MSC TO DEVELOP AIR CARGO SOLUTION IN RESPONSE TO MARKET DEMAND

Harpercollins is proud to announce the upcoming release of The Anarchist Cookbook: A Toolkit to Protest and Peaceful Resistance by Aakar Patel Illustrations by PenPencilDraw

Saudi Arabia launches Nusuk, an integrated digital platform, to facilitate pilgrim journeys for visitors from around the world

MEIL's wholly owned subsidiary MeghaGas, now MCGDPL, to execute City Gas Distribution

Yabx emerges as a leader in digital lending platforms at the top Global Fintech Awards

FII Institute reveals the world's top priority is the rising cost of living

All about IBSAT - One of the Top MBA Entrance Exams in India

MAPIC India 2022 honors India's most admired retail and tech innovators at the MAPIC India Retail Awards

Hasiru Dala Innovations joins forces with Satma CE to give immutable waste traceability from collection to final product made from waste

Bank of Baroda launches Baroda Tiranga Deposits

Alicon Castalloy Limited wins large, multi-year order from Jaguar Land Rover for eMobility Platform

mCaffeine's Biggest Body Care Launch Gets an Overwhelming Response from the Audience: 1 Consumer Subscribed Every 3 Seconds for the Launch

On World Lung Day, Alkem Laboratories pledge to spread awareness about lung diseases through its initiative 'The Healthy Lungs'

LONGi is to showcase its award-winning Hi-MO 5 Series at the Renewable Energy India Expo 2022, unveiling its new Hydrogen Business exclusively for Indian customers

LEXUS INDIA ANNOUNCES MENTORS FOR THE LEXUS DESIGN AWARD INDIA 2023

Mane Kancor CEO Geemon Korah hailed as one of the best CEO's in India

SVKM's NMIMS signs an MoU with HTWG Konstanz, Germany, for short study and research

Top HR Chiefs from TTK Prestige, Silicon Labs, Virtusa, Bureau Veritas at Woxsen's Global HR Leadership Conclave 2022

Mastercard expands decades-long football legacy through GUINNESS WORLD RECORDS™ title with Luis Figo

Soroco and Whatfix Announce Strategic Partnership

ElevenEs produces a prototype of the largest LFP battery cell in Europe

SHEIN CELEBRATED "ROCK THE RUNWAY: SHEIN FOR ALL", ITS FW22 FASHION SHOW

Huawei Hosts the 9th Global Rail Summit in Berlin

Campus With A Conscience hosts a-week long SDG festival

Woxsen University spearheading the internationalisation of higher education in the region through brand new initiatives

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
4.5-magnitude earthquake hits Andaman an...
Sacrosanct duty of husband to maintain w...
Prohibition raid leaves Bihar police sta...
Mumbai: Lata Mangeshkar music college la...
Defence Minister visits frontline areas ...
'Undemocratic': Jamaat-e-Islami opposes ...
More...    
 
 Top Stories
EAM Jaishankar assures US administr... 
Arrest warrant issued against produ... 
Delhi HC dismisses plea of Facebook... 
Afghan women face social, economic ... 
Delhi Police arrests shooters of Go... 
India strives for relationship buil... 
Mamata Banerjee plays 'dhak' at Dur... 
Pak: Rana Sanaullah-led high level ...