Bitcoin
Bitcoin wallet maker exodus jumping to New York Stock Exchange
Exodus Movement, the software developer behind Exodus Wallet for Bitcoin, has received the green light to list its common shares on the New York Stock Exchange, the company said on Monday.
The EXOD ticker on the NYSE comes as government regulators are stepping up enforcement actions against cryptocurrency projects and developers. While this is certainly a cause for concern, Exodus CEO and co-founder JP Richardson said that EXOD has been qualified by the US Securities and Exchange Commission and can also trade in NYSE Americanformerly known as the American Stock Exchange (AMEX).
“What’s really cool about this is that our common shares are tokenized at the Algorand (ALGO) blockchain and therefore we are the only company in the United States that has our common shares tokenized on the blockchain,” Richardson told Decrypt. “That’s true today and it will be true on Thursday.”
SEC qualification means the company has been approved to offer and sell shares of Class A common stock to investors in accordance with Regulation A of the Securities Act, which in turn allows Exodus to raise capital from the public in a regulated manner.
Exodus became a publicly traded company in 2021, listing its shares on the tZero brokerage. The sale of common shares began on April 8, and as of April 13, 2021, Exodus had raised $60 million.
Currently traded on the OTCQX exchange, EXOD shares will continue to be available there until May 8, the company said, and will begin trading on NYSE American on May 9.
Richardson said the benefit of tokenizing EXOD shares is to make it easier and faster for investors to trade the shares.
“It works as simple as cryptocurrency, which is phenomenal from a usability perspective,” he said. “Additionally, when you think about implications like dividend payments, we could pay dividends with USDC to shareholders on a blockchain.
“We could have governance and voting directly on the blockchain with shares, therefore corporate governance,” he added.
Despite the SEC’s crackdown on cryptocurrencies, Richardson said he is optimistic about the future of publicly traded digital assets, calling it a new era of stocks being tokenized on the blockchain.
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“We want to see a future where eventually traditional stocks are powered by blockchain,” he said. “I think that’s what’s so great about all this hard work we’re doing.”
Edited by Ryan Ozawa.