Exodus, a Crypto Wallet Issues its Digital Common Stock Tokens on Algorand Blockchain

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Exodus, a Crypto Wallet Issues its Digital Common Stock Tokens on Algorand Blockchain
Exodus, a Crypto Wallet Issues its Digital Common Stock Tokens on Algorand Blockchain

Exodus, a company focused on making cryptocurrency easier for everyone, announced today 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 Selected for Its Ability to Provide the Secure and Easy-to-use Platform

Algorand is a leading blockchain company accelerating the integration of decentralization and traditional finance and was selected by Exodus for its ability to provide the secure and easy-to-use platform required for EXIT tokens. Exodus has published EXIT tokens on Algorand in collaboration with Securitize. Securitize is an SEC-registered transfer agent and the first end-to-end digital platform to use blockchain technology for transfer brokerage services.

EXIT tokens on Algorand are claimed by Exodus shareholders in the Exodus wallet. Exodus expects to list its shares on tZERO and expects that EXIT tokens on tZERO can be used to facilitate trading in Exodus Class A common shares.

“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 become increasingly direct market participants, new models such as those implemented by Exodus, Securitize, and Algorand is becoming the norm as they provide an easy entry point for retail investors to protect, manage, and share digital assets.

Exodus non-custody wallets make it easy for users of all skill levels to acquire and protect digital assets. Due to its high-performance technology, Algorand is widely adopted by financial institutions and DeFi projects, which offers scalability, transaction security and low costs.

With the added features of Exodus, the ability to seamlessly participate in the Algorand economy becomes more accessible as the sharing and management of assets can be achieved through a simplified and secure experience. The entry point to access and manage Algorand assets, Exodus empowers individuals and institutions by providing unique opportunities that were previously only available in a fragmented experience.

JP Richardson, Exodus Co-Founder and CEO, said, “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. 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.”

With built-in support from Securitize, Exodus can easily deliver digital assets directly to 1.6 million Exodus users. Algorand will use Exodus as their preferred provider to open the floodgates for users not only to have access to 130+ crypto assets supported by the Exodus wallet but also to easily enter Algorand’s thriving digital economy.