Exodus, a company focused on making cryptocurrency easy and accessible for everyone, announced that its digital Common Stock Tokens that each represent one share of its Class A common stock (the “EXIT” tokens) will use the Algorand blockchain as their native blockchain.
Algorand is a leading blockchain company accelerating the convergence of decentralized and traditional finance, and has been selected by Exodus for its ability to provide a secure and user-friendly platform required for the EXIT token. Exodus’ release of the EXIT tokens on Algorand is being completed in partnership with Securitize, an SEC-registered transfer agent and the first end-to-end digital platform utilizing blockchain technology for transfer agent services. EXIT tokens on Algorand will be claimable by Exodus shareholders inside the Exodus wallet. Exodus expects to list its shares on tZERO and expects that the EXIT tokens will be able to be used on tZERO to facilitate trading in Exodus’ Class A common stock.
“Exodus common stock tokens (EXIT) will be released on Algorand, a high-performance blockchain network aligned with our goals to redefine the future of finance,” 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 organizations 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 decentralized applications for our customers,” said JP Richardson, Co-founder and CEO of Exodus. “Even better, the team built a modern marvel in Layer-1 scalability.”
“Algorand was designed for modern financial applications and we are thrilled that Exodus has chosen Algorand to release the EXIT token,” said 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 assets 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+ crypto assets supported by the Exodus wallet, but also easily enter into the thriving digital economy on Algorand.
Photo by Qusai Akoud on Unsplash
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