Exodus will use Algorand to tokenized $75 million
Exodus, a bitcoin wallet company, offered $75 million in common stock earlier this year, which was exclusively available through its wallet. The company’s choice to only take Bitcoin, Ethereum, and the USDC stable coin as payment for the shares was remarkable. The SEC-approved share sale was billed as the world’s largest “controlled crypto public offering.”
Exodus claims that it’ll quickly convert the ones bought stocks into tokens on the Algorand blockchain, which shareholders can also declare thru the Exodus wallet. Securitize, a blockchain-based transfer agency has teamed up with Exodus and Algorand to launch the security tokens.
Algorand is an evidence-of-stake blockchain that aims to rival Ethereum in phrases of velocity and scalability. It, like Ethereum, permits smart contracts, which are pieces of code that allow applications to be evolved on top of a blockchain. The network can also be used by tokens other than the ALGO token. Exodus is not unusual stock tokens, or go out, in this example.
“This exciting relationship allows us to get closer to establishing secondary trading shortly,” said Exodus COO Sebastián Milla Goi in a press release. To put it another way, the employer wishes exit holders to be able to sell their go-out inventory through the blockchain era.
Before EXIT becomes tradable, Exodus is expected to make sure its paperwork is in place. While the public auction resembled an initial coin offering (ICO), the popular funding mechanism for crypto businesses in the year 2017, there were significant variations. First, the Securities and Exchange Commission of the United States approved the Regulation A+ sale. Second, token holders are also stockholders, giving them a stake inside the organization’s felony possession.