Exodus, Bitcoin Wallet Manufacturer, Seeks Listing on New York Stock Exchange
Exodus Movement, the software developer behind the Exodus Wallet for Bitcoin, has received approval to list its common stock on the New York Stock Exchange, the company announced on Monday.
The EXOD ticker on the NYSE comes as government regulators are increasing enforcement actions against cryptocurrency projects and developers. Despite this concern, Exodus CEO and co-founder JP Richardson stated that EXOD has been deemed qualified by the U.S. Securities and Exchange Commission and can also be traded on NYSE American, formerly known as the American Stock Exchange (AMEX).
“What’s really cool about this is that our common stock is tokenized on the Algorand (ALGO) blockchain, making us the only company in the United States with our common stock tokenized on the blockchain,” Richardson told Decrypt. “That’s true today, and that will be true on Thursday as well.”
SEC qualification allows the company to offer and sell shares of its Class A common stock to investors under Regulation A of the Securities Act, enabling Exodus to raise capital from the public in a regulated manner.
In 2021, Exodus became a publicly traded company, listing its stock with broker-dealer tZero. The sale of the common stock began on April 8, and by April 13, 2021, Exodus had raised $60 million.
Currently traded on the OTCQX exchange, the EXOD stock will remain available there until May 8, according to the company, and will commence trading on the NYSE American on May 9.
Richardson highlighted the benefits of tokenizing the EXOD stock, making it easier and faster for investors to trade the stock.
“It works just as simple as cryptocurrency, which is phenomenal from a usability standpoint,” he said. “Beyond that, when you think of implications like dividend payouts, we could pay out dividends with USDC to stockholders on a blockchain.
“We could have governance and voting directly on the blockchain with stock, so corporate governance,” he added.
Despite the SEC’s crackdown on cryptocurrency, Richardson expressed optimism about the future of publicly traded digital assets, referring to it as a new era of stocks being tokenized on the blockchain.
“We want to see a future where eventually, traditional stocks are powered by the blockchain,” he said. “I think that’s what’s so great about all this hard work that we’re doing.”
Edited by Ryan Ozawa.
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