Bitcoin Wallet Maker Exodus Plans to List on the New York Stock Exchange
Exodus Movement, the company behind the popular Bitcoin wallet Exodus, has announced its intention to list its common stock on the New York Stock Exchange (NYSE). This move comes as government regulators are increasing their scrutiny of cryptocurrency projects and developers.
Exodus CEO and co-founder JP Richardson revealed that their common stock will be tokenized on the Algorand blockchain, making Exodus the only company in the US to have its common stock tokenized in this way.
The Securities and Exchange Commission (SEC) has approved Exodus to offer and sell shares of its Class A common stock to investors under Regulation A of the Securities Act, allowing the company to raise capital in a regulated manner.
Exodus went public earlier this year, listing its stock with broker-dealer tZero. The sale of the common stock began on April 8 and has already raised $60 million. The stock is currently traded on the OTCQX exchange and will continue to be available there until May 8. After that, it will begin trading on the NYSE American on May 9.
Tokenizing the EXOD stock on the blockchain brings several benefits, including ease and speed of trading for investors. It also opens up possibilities for features like dividend payouts and blockchain-based corporate governance.
Despite regulatory challenges, Richardson remains optimistic about the future of publicly traded digital assets on the blockchain. He believes it marks the beginning of a new era where traditional stocks will be powered by blockchain technology.
Overall, Exodus’s listing on the NYSE represents a significant milestone for both the company and the cryptocurrency industry as a whole.