Exodus Movement, the software developer behind the Exodus Wallet for Bitcoin, has received permission to list its common stock on the New York Stock Exchange, the company announced Monday.
The New York Stock Exchange’s EXOD ticker comes as government regulators ramp up enforcement actions against crypto projects and developers. While that's certainly a cause for concern, Exodus CEO and co-founder JP Richardson said EXOD is accredited by the U.S. Securities and Exchange Commission and is also accredited by the NYSE American, formerly known as the American Stock Exchange (AMEX). He said he could make a deal.
“The really great thing about this is that our common stock is tokenized on the Algorand (ALGO) blockchain. So we are the only company in the United States where our common stock is tokenized on the blockchain. We are who we are as a company,” Richardson said. Decryption. “That's true today and it's true Thursday.”
SEC status means that the company is authorized to offer and sell shares of its Class A common stock to investors under Regulation A of the Securities Act, which allows Exodus to sell shares of its Class A common stock to investors in a regulated manner. It will be possible to raise funds from.
Exodus became a public company in 2021, listing its shares on broker-dealer tZero. The common stock sale began on April 8, and by April 13, 2021, Exodus had raised $60 million.
EXOD shares currently traded on the OTCQX exchange will be available there until May 8, and will begin trading on the NYSE American on May 9, the company said.
Richardson said the benefit of tokenizing EXOD stock is that it will be easier and faster for investors to trade the stock.
“It works as easily as cryptocurrencies and is amazing from a usability standpoint,” he said. “Furthermore, given the implications such as dividend payments, USDC can be used to pay dividends to shareholders on the blockchain.
“Corporate governance is possible because shares can be used to conduct governance and voting directly on the blockchain,” 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 in which stocks are tokenized on the blockchain.
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“Ultimately, I would like to see a future where traditional stocks are powered by blockchain,” he said. “I think that’s what’s great about this herculean effort that we’re in.”
Edited by Ryan Ozawa.
