Exodus to issue security token on Algorand
Exodus, a company focused on making cryptocurrency easy and accessible for everyone, is to tokenise its recent USD75 million common stock shares (EXIT) offering on Algorand, a blockchain company accelerating the convergence of decentralised and traditional finance.
Exodus’ security token issuance on Algorand was completed in partnership with Securitize, an SEC-registered transfer agent and the first end-to-end digital platform utilising blockchain technology for transfer agent services. EXIT tokens on Algorand will be claimable by shareholders inside the Exodus wallet and are expected to be tradable on tZERO, the planned secondary market for the shares.
"Exodus common stock tokens (EXIT) will be issued on Algorand, a high-performance blockchain network aligned with our goals to redefine the future of finance,” says Sebastián Milla Goñi, Chief of Special Projects at Exodus. “This exciting partnership allows us to move closer to opening secondary trading in the near future.”
As retail investors increasingly engage directly with markets, new models such as the one that Exodus, Securitize and Algorand have executed are set to become the norm as they represent a simple entry point for retail investors to secure, manage, and exchange their digital assets.
The Exodus noncustodial wallet makes acquiring and securing digital assets easy for users of all experience levels. Algorand has been widely adopted across financial organisations and DeFi projects thanks to its high-performance technology, which provides scalability, transaction finality and low costs.
With the additional functionality that Exodus provides, the ability to seamlessly participate in the Algorand economy becomes more approachable as the exchange and management of assets are all possible through a simplified and secure experience. Exodus is an entry point to access and manage assets on Algorand, empowering individuals and institutions alike by providing access to unique opportunities that were previously only available in fragmented experiences.
"Exodus is ecstatic to partner with the Algorand team since its tech provides a rich Layer-1 with many exciting use-cases to power next generation decentralised applications for our customers,” says JP Richardson, Co-founder and CEO of Exodus. “Even better, the team built a modern marvel in Layer-1 scalability that will help Exodus to bring stocks on the blockchain to life.”
"Algorand was designed for modern financial applications and we are thrilled that Exodus has chosen Algorand to issue their regulated digital security token," says W Sean Ford, COO of Algorand. "Our partnership with Exodus is providing best in class management and exchange of digital assets on Algorand, representing a significant step in enabling broad access to the future of finance that is accelerating on our advanced technology."
Exodus has built-in support from Securitize, potentially making it easy to launch digital securities directly to the 1.6 million Exodus users. Algorand will leverage Exodus as a preferred provider, opening the floodgates for users to not only access the 130-plus crypto assets supported by the Exodus wallet, but also easily enter into the thriving digital economy on Algorand.
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