Exodus Issues Security Token on Algorand
Exodus announced that its digital Common Stock Tokens that each represent one share of its Class A common stock 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.
“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.
What is Algorand?
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
What is Exodus?
Founded in 2015, Exodus is a multi-asset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone. Available for desktop and mobile, Exodus allows users to secure, manage and exchange crypto assets like Bitcoin, Ethereum, Solana, and more across an industry-leading 10,000+ asset pairs from a beautiful, easy to use wallet. The non-custodial functionality is encrypted locally on users’ own devices, ensuring privacy, security and complete control over their wealth. Exodus is on a mission to empower half the world to exit the traditional finance system by 2030.
📰 INFO:
https://www.algorand.com/resources/news/exodus-issues-security-token-on-algorand
