Exodus BTC Wallet Tokenizes $75M In Stocks On Algorand

The Exodus BTC Wallet tokenized $75 million in company stocks on Algorand and the EXIT tokens will be available for trading on a secondary market as we can see more in our latest cryptocurrency news.

The Exodus BTC wallet completed an SEC-approved Reg A + offering at the start of the year and the sold shares got converted to tokens on the Algorand blockchain. BTC Wallet company Exodus sold $75 million in common stocks in the company earlier this year that were purchasable only via the wallet. The sale was notable for the decision to accept BTC, ETH, and USDC stablecoin for the shares as Exodus touted the SEC-approved share sale as the biggest regulated crypto public offering ever.

Exodus said that it will transform the sold shares into tokens on the Algorand blockchain where they can be claimed by the shareholders using the Exodus wallet. The Blockchain-based transfer agent Securitize partnered with Exodus and Alrorand to launch the security tokens and now the wallet will become one of the few companies to turn the real shares into security tokens so that they can be traded on crypto markets.

Alrogrand is a proof of stake blockchain that aims to compete with Ethereum on speed and scalability so like ETH, it will support smart contracts, as a code that enables applications to be built on top of the blockchain and the tokens besides the native ALGO token can use the network as well. In this case, the Exodus common stock tokens or EXIT. The COO of the wallet Sebastian Milla Goni noted:

“This exciting partnership allows us to move closer to opening secondary trading in the near future.”

What this means is that the company wants the EXIT holders to be able to sell their stocks in the company using the blockchain infrastructure. It has identified tZero which is a digital securities arm of Overstock.com and tZero allows trading in its own tokenized share as well as shares of retailer Overstock and resort St. Regis Aspen. It is also possible that Exodus will ensure paperwork is in order before EXIT becomes tradeable and while the public sale resembles an initial coin offering, the investment model for startups has a few key differences. The Regulation A+ sale was approved by the US Securities and Exchange Commission and the token holders will also be stockholders that will allow them a share of legal ownership in the company.