Cryptocurrency brokerage firm INX secures $5.25 million investment from Republic at a valuation of $50 million.

According to BlockBeats news on June 19th, investment firm Republic has acquired approximately 9.5% stake in New York-based digital asset brokerage INX (INXDF) for $5.25 million and has committed to acquiring 100% ownership at a valuation of $120 million as early as the third quarter of this year. The preliminary transaction is expected to be completed within 60 days, subject to regulatory approval. Republic, headquartered in New York, is a digital business bank that operates a retail-focused investment platform and has received support from companies such as Galaxy Interactive and Morgan Stanley. Therefore, integrating INX's digital asset coverage into Republic's platform can provide significant expansion of cryptocurrency trading capabilities for a large traditional financial customer base.