Exodus Movement, a developer of cryptocurrency wallets, has announced that it will be listed on the NYSE American on May 9th, using the existing stock code “EXOD”. In addition, its common stock has been tokenized on the well-established public chain Algorand, making it the first company in the United States to achieve such innovation.
Exodus Movement’s CEO and co-founder, JP Richardson, stated that the EXOD stock has been tokenized on Algorand. It is worth mentioning that Exodus not only allows trading on compliant public securities markets, but also allows trading of corresponding stock tokens “EXOD” on the public chain. Richardson explained that both the EXOD tokens and the EXOD stock on the brokerage platform are the common stock of Exodus, but they exist in different places. The former is the digital form of its common stock, existing in its transfer agent, Securitize, while the latter is the common stock traded on the traditional financial electronic settlement system, DTC.
Richardson further explained that tokenizing the EXOD stock has the advantage of allowing investors to trade the stock more easily and quickly. Additionally, when Exodus needs to pay dividends, it can use USDC on the blockchain to make payments to shareholders. Despite the US Securities and Exchange Commission’s crackdown on cryptocurrencies, Richardson expressed optimism about the future of publicly traded digital assets and referred to it as a new era of stock tokenization on the blockchain.