Exodus tokenizes company shares on Algorand blockchain – Bits Media

The developer of the non-custodial cryptocurrency wallet Exodus tokenizes the company's shares on $60 million in the Algorand blockchain. Earlier EXODUS conducted the approved SEC proposal of tokens.

In April, the US Securities and Exchange Commission (SEC) approved the application for sale Exodus tokens, which allowed the company to attract $60 million in five days. Complex tokens were sold for BTC, ETH and USDC via EXODUS wallet.

Now Exodus plans to tocenize the sold shares in the Algorand blockchain, where the shareholders will be able to get them using a wallet. Securitize securities transmission agent has concluded an affiliate agreement with Exodus and Algorand for the release of tokens under ticer Exit.

Exodus will become one of the few companies, turning real shares into tokens, which can be traded in cryptocurrency markets. Operating director Exodus Sebastian Mill Gonya (Sebastián Milla Goñi) noted:

"This exciting partnership allows us to get closer to the opening of secondary trading in the near future".

The company wants, so that Exit holders have the opportunity to sell the company's shares through the blockchain infrastructure. Public sale of shares in some way resembled the primary placement of tokens (ICO), However, it differed from him.

First of all, The sale took place in accordance with the Regulation A+ and the SEC was approved. Secondly, Tokens holders are also holders of shares, which gives them a share of legal property in the company.

“Think about it as a version of ICO 2021 year - compatible with the law, transparent and offered profitable company with a working product ", - said Gonya.

Recall, that Blockstack became the first cryptocurrency company, received by the SEC for the sale of tokens, And gathered $23 million in 2019 year.