Cryptocurrency wallet developer Exodus Movement, hereinafter referred to as Exodus, announced yesterday (6th) that it has been approved for listing on NYSE American (formerly the American Stock Exchange, renamed after its merger with NYSE in 2008). The company’s Class A common stock, with a face value of $0.000001, will be traded on NYSE American with its existing stock code “EXOD” starting from the opening of the US stock market on May 9, 2024.
Note: Exodus was listed on the digital asset security company Securitize Markets in March 2022, with the ticker symbol “EXOD”.
Regarding the listing on NYSE American, Exodus CEO and co-founder JP Richardson stated that EXOD stocks have been tokenized on Algorand.
It is worth mentioning that, according to Decrypt’s report, Exodus not only allows trading on compliant public securities markets but has also enabled trading of corresponding stock tokens “EXOD” on public chains. Richardson stated:
According to the official response from Exodus, both the EXOD token and the EXOD stock on the brokerage platform are common stocks of Exodus, but they exist in different places. The former is a digital form of its common stock, existing in its transfer agent Securitize, while the latter is traded as common stock on the traditional financial electronic settlement system DTC.
Richardson stated that the tokenization of EXOD stocks 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 to make payments to shareholders on the blockchain. He further stated:
Although the US Securities and Exchange Commission (SEC) is cracking down 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.