Bitcoin wallet maker Exodus is jumping to the New York Stock Exchange

Exodus Movement, the software developer behind Xsoft Wallet for Bitcoin, has received the green light to list its common stock on the New York Stock Exchange, the company said Monday.

The EXOD signal on the NYSE comes as government regulators are stepping up enforcement measures against cryptocurrency projects and developers. While that's certainly a concern, EXOD CEO and co-founder JP Richardson says EXOD is qualified by the US Securities and Exchange Commission and can also trade on the NYSE America, formerly known as the American Stock Exchange (AMEX).

“What's really cool about this is that our common stock is mapped on the ALGO blockchain, so we're the only company in the United States that has its common stock mapped on the blockchain,” Richardson told Decrypt. “This is true today, and that will be true on Thursday.”

SEC qualification means that the company is permitted by Regulation A of the Securities Act to offer and sell Class A stock to investors, which allows Exodus to raise public capital in a regulated manner.

Exodus became a publicly traded company in 2021, listing its shares with broker-dealer tZero. The sale of common stock began on April 8, and by April 13, 2021, Exodus had raised $60 million.

Currently on the OTCQX exchange, EXOD stock will continue to remain there until May 8, when the company will start trading on NYSE America on May 9.

Richardson said the benefit of the EXOD stock token is making it easier and faster for investors to trade the stock.

“It's almost as simple as cryptocurrency, which is amazing from a usability perspective,” he said. “Furthermore, when you consider implications such as dividends, we can pay shareholders on the blockchain with USDC.

“We can vote directly on the blockchain with management and inventory, so corporate management,” he added.

Despite the SEC's crackdown on cryptocurrencies, Richardson says he's optimistic about the future of publicly traded digital assets, calling for a new era of stocks on the blockchain. Blockchain,” he said. I think that's what's so great about all this hard work that we're doing.

Edited by Ryan Ozawa.