Exodus Announces Its Entrance to the New York Stock Exchange with Blockchain-based Common Stock

Updated: 07 May 2024

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Exodus, a U.S. company, is set to enter the New York Stock Exchange with its unique blockchain-tokenized common stock, making it the only company in the U.S. to offer such a product. Despite increased regulatory scrutiny on cryptocurrency-related projects, the company has received SEC qualification and is optimistic about the future of blockchain technology integrating with traditional stock markets.

Exodus Announces Its Entrance to the New York Stock Exchange with Blockchain-based Common Stock

Exodus, a U.S. company, has made a significant announcement regarding its EXOD common stock, which is uniquely tokenized on the blockchain. This move marks the company as the sole entity in the United States to offer blockchain-tokenized common stock. CEO and co-founder JP Richardson highlighted the uniqueness of their stock, stating,

Our common stock is tokenized on the Algorand (ALGO) blockchain, making us the only company in the U.S. with such a feature. This will be the case today and will continue into Thursday.

The transition of EXOD stock to the New York Stock Exchange (NYSE) is occurring amidst increased regulatory scrutiny from government bodies on cryptocurrency initiatives. However, Richardson remains optimistic about the evolution and potential of digital assets becoming mainstream in the stock market. He envisions a future where traditional stocks could be powered by blockchain technology.

Exodus received SEC approval under Regulation A of the Securities Act, allowing it to offer and sell shares of its Class A common stock to public investors in a regulated manner. This SEC qualification is a testament to the company’s compliance and legitimacy in raising capital from the public.

Since becoming a publicly traded entity in 2021 through a stock listing with broker-dealer tZero, Exodus has successfully raised $60 million by April 13, 2021. Initially traded on the OTCQX exchange, the EXOD stock will be available there until May 8. Starting May 9, the stock will commence trading on the NYSE American, which was previously known as the American Stock Exchange (AMEX).

Stay Optimistic: The Innovative Shift to Blockchain Tokenization on Wall Street

Richardson also elaborated on the practical advantages of tokenizing the EXOD stock, which simplifies and accelerates the trading process for investors. This approach, he noted, brings the simplicity of cryptocurrency transactions to traditional stock trading. Moreover, it opens up new possibilities such as issuing dividends in USDC and conducting corporate governance and voting directly on the blockchain.

Despite ongoing regulatory challenges in the cryptocurrency sector, Richardson is hopeful about the future, emphasizing the groundbreaking work being done in tokenizing stocks on the blockchain. He asserts, “This hard work is paving the way for a new era of blockchain-powered traditional stocks.”

Big news!

Exodus stock $EXOD starts trading on the NYSE American this Thursday, May 9th.

This significant milestone paves the way to creating long-term value for our investors by expanding our global shareholder base and boosting stock liquidity.

LFG!

— JP (Exodus) (@jprichardson) May 6, 2024

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