Update: Crypto Wallet Provider Exodus’ NYSE American Stock Listing Postponed for SEC Review
Exodus was supposed to uplist to NYSE American on Thursday morning, but this is now delayed, the company said.
Exodus Achieves Milestone with NYSE Listing
Exodus Movement, the pioneering software company behind the popular Exodus Wallet for Bitcoin, announced its achievement in listing its common stock on the New York Stock Exchange (NYSE). This development comes as a significant step amid increasing regulatory scrutiny in the cryptocurrency sector.
Innovating with Blockchain: A U.S. First
Exodus stands out as the only U.S. company to have its common stock, under the ticker EXOD, tokenized on the blockchain. This innovative step utilizes the Algorand (ALGO) blockchain, setting a precedent in the integration of traditional financial securities with blockchain technology. According to Exodus CEO and co-founder JP Richardson, this feature not only remains unique today but will continue to distinguish Exodus when trading begins on NYSE American, previously known as the American Stock Exchange (AMEX), on May 9.
SEC Qualification and Public Trading
The U.S. Securities and Exchange Commission (SEC) has qualified Exodus under Regulation A of the Securities Act, enabling them to offer and sell shares publicly in a regulated environment. This SEC qualification comes at a crucial time as the agency heightens its enforcement actions against various entities in the crypto space.
From OTCQX to NYSE American
Having initially gone public in 2021 and raised $60 million through a sale that started on April 8 of that year, Exodus began its journey on the OTCQX exchange. The move to NYSE American marks a transition aimed at providing more liquidity and visibility for the company’s shares.
The Advantages of Tokenized Stocks
Richardson highlighted several benefits of tokenizing the EXOD stock. This method simplifies and accelerates the trading process, akin to trading cryptocurrencies. Additionally, it opens up innovative possibilities for dividend payouts, which could be conducted using USDC on the blockchain, and facilitates direct blockchain-based governance and voting for corporate decisions.
Looking Towards a Blockchain-Powered Future
Despite regulatory challenges, Richardson remains optimistic about the potential of blockchain technology to revolutionize the stock market. He envisions a future where traditional stocks are increasingly powered by blockchain, signifying a major shift in how securities are traded and managed.
