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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 said Monday.
The NYSE’s EXOD ticker comes as government regulators step up enforcement actions against cryptocurrency projects and developers. While this is certainly cause for concern, Exodus CEO and co-founder JP Richardson said EXOD is qualified by the U.S. Securities and Exchange Commission and can also trade on the NYSE American, formerly known as the American Stock Exchange (AMEX).
“What’s really cool is that our common stock is tokenized on the Algorand (ALGO) blockchain, so we’re the only company in the U.S. that has our common stock tokenized on the blockchain,” Richardson said. decryption. “That’s true today, and it will be true again on Thursday.”
SEC qualification means the company is authorized to offer and sell shares of Class A common stock to investors under Regulation A of the Securities Act, which allows Exodus to raise capital from the public in a regulated manner.
Exodus became a public company in 2021 and listed its shares on broker-dealer tZero. Common stock sales began on April 8, and by April 13, 2021, Exodus had raised $60 million.
EXOD stock, which currently trades on the OTCQX exchange, will continue to trade until May 8 and will begin trading on NYSE American on May 9, the company said.
Richardson said tokenizing EXOD stock has the advantage of allowing investors to trade the stock more easily and quickly.
“It works as simply as any cryptocurrency, which is phenomenal in terms of usability,” he said. “Besides, when you think of the same thing as paying dividends, you can pay dividends to shareholders on the blockchain through USDC.
He added, “Through stocks, corporate governance is possible because governance and voting can be done directly on the blockchain.”
Despite the SEC’s crackdown on cryptocurrencies, Richardson is optimistic about the future of publicly traded digital assets, calling it a new era in which stocks are tokenized on the blockchain.
editor Ryan Ozawa.
“We would eventually like to see a future where traditional stocks are powered by blockchain,” he said. “I think that’s the biggest advantage of this whole effort that we’re doing.”
