Itai Avneri, Deputy CEO and COO of INX, brings decades of experience spanning finance and technology. At INX, a publicly traded company listed on CBOE, OTC, and INX.One, Avneri leads initiatives to integrate traditional markets with blockchain innovation. He played a pivotal role in launching the first SEC-registered security token and is spearheading efforts in real-world asset tokenisation to enhance liquidity and accessibility for investors. Avneri’s leadership extends to developing a CBDC solution through a global joint venture, reflecting his commitment to advancing regulated, blockchain-enabled financial opportunities and shaping the future of the digital economy.
What opportunities do you see to simplify or speed up security token offerings with potential regulatory changes ahead?
INX’s journey began in 2017 when Initial Coin Offerings (ICOs) often operated without regard for securities laws. Recognising the need for investor protection, we engaged regulators in 2018 to develop a framework for compliant token offerings.
This effort culminated in the filing of our F-1 registration statement in 2019 and the launch of the first-ever SEC-registered Security Token IPO in August 2020. By 2021, we raised $84 million from over 7,200 investors across 74 countries, validating the potential of regulated token offerings.
This process highlighted both challenges and areas for improvement. The framework we established simplifies future Security Token Offerings (STOs) by providing a foundation for regulation, disclosure, and compliance.
Greater regulatory familiarity, combined with technological advancements in investor onboarding and verification, will likely streamline these processes further. This can reduce time-to-market and operational costs for new issuers.
Looking ahead, our focus is shifting towards tokenising real-world assets (RWAs) such as equities, real estate, and private equity. These efforts aim to bring tangible value to blockchain-based markets, appealing to retail and institutional investors seeking accessible, compliant, and liquid alternatives to traditional markets. INX is well-positioned to lead this shift, leveraging the lessons learned from our initial efforts.
By 2024, the regulatory and technological landscape had matured significantly, marking a turning point for asset tokenisation. This development represents an opportunity to expand the token economy into everyday financial infrastructure.
With evolving crypto regulations, which model between Security Token Offerings (STOs) and Initial Coin Offerings (ICOs) do you see becoming the preferred standard?
As the market evolves, STOs are poised to overtake ICOs as the preferred standard, particularly with the growing focus on tokenising real-world assets (RWAs).
ICOs gained initial traction due to their speed and simplicity but often lacked essential elements like investor protections and regulatory oversight. In contrast, STOs offer compliance, regulation, and backing by real assets, making them more appealing and secure for a wider audience.
RWAs, including real estate, private equity, and commodities, are reshaping the investment landscape. Tokenisation of these assets enables retail investors to access opportunities that were previously exclusive to institutions. STOs bridge the gap between traditional financial markets and blockchain innovation.
Retail investors benefit from STOs through fractional ownership, increased liquidity in secondary markets, and regulatory safeguards. By tokenising RWAs, STOs provide a pathway for ordinary investors to diversify their portfolios with assets once beyond their reach.
The alignment of STOs with evolving regulations positions them as the future standard for token offerings. Their compliant and secure framework supports the integration of blockchain technology into financial markets.
During our security token IPO, INX demonstrated this integration by enabling 50% of token purchases through cryptocurrencies and the remaining 50% via fiat currencies, reflecting a growing demand for crypto-enabled access to real-world assets.
STOs and RWAs are likely to dominate the future, offering a compliant, flexible framework that bridges traditional finance and blockchain innovation while unlocking new opportunities for investors.
How does the tokenisation of Furahaa Group’s equity through FURA tokens offer investors advantages compared to traditional stock market investments?
For crypto traders, FURA tokens offer a way to diversify portfolios with an asset backed by tangible value. Unlike many cryptocurrencies, these tokens represent equity in a company with real-world operations and growth potential, providing stability while maintaining the liquidity and accessibility of blockchain technology.
This approach mirrors traditional diversification strategies, allowing crypto traders to balance speculative assets with equity-backed tokens.
Traditional investors, on the other hand, gain entry to the blockchain market without the risks of unregulated assets. FURA tokens provide exposure to blockchain-enabled benefits like 24/7 trading and fractional ownership, making it possible to invest smaller amounts and diversify portfolios globally. Investors can bypass market hours or geographic restrictions, accessing a new financial frontier under regulatory oversight.
FURA tokens bridge traditional and blockchain-based investment markets, offering tailored advantages for both crypto traders and conventional investors.
The result is a tokenised equity that combines stability, flexibility, and innovation.
How does the Furahaa listing support INX’s goals of democratising finance and investment opportunities?
Furahaa’s listing on INX marks a key step in our mission to democratise finance and create inclusive investment opportunities.
By tokenising its equity, Furahaa opens investment access to individuals often excluded from traditional markets, such as those with limited capital or in underserved regions.
This listing not only expands access to RWAs but also demonstrates the potential of blockchain technology to deliver tangible, regulated opportunities to retail investors. The ability to invest in tokenised equities like FURA tokens eliminates barriers such as high minimum investments and restricted market hours.
Investors can diversify portfolios with lower thresholds and benefit from the liquidity and flexibility of blockchain, all within a regulated framework ensuring transparency and security.
Looking forward, INX intends to support projects aligned with our mission of financial inclusion and compliance. We will prioritise initiatives focused on tokenising real-world assets, which provide a stable foundation for investors while leveraging blockchain’s innovative capabilities.
Companies embracing tokenisation to unlock new markets and deliver value to investors will be central to our efforts.
INX is committed to becoming a leading platform for democratized financial opportunities. Our role is to support the next generation of businesses — whether they are in real estate, commodities, or other sectors — that are ready to embrace the benefits of blockchain technology and bring real-world value to the digital asset ecosystem.