Exodus Issues Security Token on Algorand, Expanding Access to the Growing Digital Security Ecosystem
Leaders in digital securities converge to create simple models for security tokenization, enabling users to participate in the digital economy
OMAHA, Neb., June 2, 2021 /PRNewswire/ -- Exodus, a company focused on making cryptocurrency easy and accessible for everyone, today announced 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 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.
With the additional functionality that Exodus provides, the ability to seamlessly participate in the Algorand economy becomes more approachable as the exchange and management of assets are all possible through a simplified and secure experience. Exodus is an entry point to access and manage assets on Algorand, empowering individuals and institutions alike by providing access to unique opportunities that were previously only available in fragmented experiences.
"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," said JP Richardson, Co-founder and CEO of Exodus. "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."
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.
About Algorand Inc.
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. For more information, visit https://www.algorand.com/
About 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. For more info visit exodus.com.
Disclosure Information
Exodus uses the following as means of disclosing material nonpublic information: websites exodus.com/investors and exodus.com/blog; press releases; public videos, calls and webcasts; and social media: Twitter (@exodus_io and JP Richardson's feed @jprichardson), Facebook, LinkedIn, and YouTube.
Forward-looking Statements
This communication contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. In some cases, you can identify forward-looking statements by the following words: "will," "expect," "would," "intend," "believe," or other comparable terminology. Forward-looking statements in this document include, but are not limited to, statements about our future financial performance, our business plan, our market opportunities and beliefs and objectives for future operations. These statements involve risks, uncertainties, assumptions and other factors that may cause actual results or performance to be materially different. More information on the factors, risks and uncertainties that could cause or contribute to such differences is included in our filings with the Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion & Analysis" sections of our offering statement on Form 1-A. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
Contacts
IR: Kirsten Chapman & Moriah Shilton, LHA Investor Relations, investors@exodus.com 415-433-3777
Media: Joe Coufal, Wachsman, Exodus@wachsman.com 917-900-5351
Media for Algorand: Anastasia Golovina, Ditto PR, algorand@dittopr.co
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