INX Limited, a crypto exchange start-up, recently procured SEC’s approval for a security token sale. This is important because this is the first instance of a crypto-based IPO approved by the SEC.
However, Crypto-Twitter finds the initial investors only shilling Bitcoin, on one hand, while investing in ERC-20 tokens themselves. Moreover, INX tokens, in all probability, will be identical to Binance [BNB] Coin as is also backed by an exchange. Hence, the SEC’s approval and the support from leading crypto-influencers is creating a lot of hype around it.
In fact, the popular Magical Crypto Friends group has been promoting Bitcoin maximalism for quite some time. According to the filling, Riccardo Spagni, the lead developer of Moneo has invested about $1 million followed by Charlie Lee and others who are part of the group.
Leading analysts are criticizing the move because these people have largely been against investment in ‘sh*tcoins’ and projects. Hence, Crypto-Twitter led by Tone Vays and Richard Heart is calling out hypocrisy from people who have invested in the project.
#Bitcoin maximalists have figured out that investing in ERC20 projects (as HEX is) makes sense. Here’s the public F-1 securities filing that shows @Excellion, @lopp, @AlenaSatoshi doing so. Believe what people do, more than what they say. You’ll notice some other names listed. pic.twitter.com/PITcQs4MPZ
— Richard Heart (@RichardHeartWin) August 20, 2019
It even includes Samson Mow, the CSO at Blockstream. Blockstream is one of the leading firms involved in the development of Bitcoin. It has taken Bitcoin’s ledger to satellites, hosts mining operations,