Exodus’ Security Token Will Go Live On tZERO Tomorrow

More and more companies are exploring the opportunity to create security tokens. As compliance-oriented assets, security tokens gain more legitimacy compared to ICOs, IEOs, and IDOs. For example, Exodus, the popular crypto wallet and payment service provider, will have its EXIT token listed on tZERO starting tomorrow. 

The Exodus EXIT Token

A few months ago, the Exodus team announced its plans to unveil the EXIT security token. Unlike a cryptocurrency or utility token, every EXIT represents a share of the company’s common stock. The team opted for a multi-pronged approach by combining a Reg A+ offering with crypto payments and common stock through this newly created asset. Similar to cryptocurrencies, anyone can store EXIT in a crypto wallet.

As a company that wants to make its common stock more accessible through modern fundraising methods, Exodus is excited about the security token option. Anyone can own this token as it is no longer limited to accredited investors only. Allowing anyone and everyone to own equity – bar some restrictions – is a game-changer in the technology space. 

When the security token sale went live, the Exodus team could raise up to $75 million. A fair amount for a company in the blockchain and cryptocurrency space. By tapping into a global audience regardless of accreditation. Moreover, the team opted for issuing the token on the Algorand blockchain due to its efficient nature. Using Ethereum or another popular blockchain isn’t always the best idea to reach a global audience. 

Exodus notes over 1.6 million active users. Tapping Algorand or the security token makes a lot of sense. Additionally. Algorand will use Exodus as a preferred provider to have more people conveniently become part of this new blockchain. Partnerships like these carry a lot of weight in the industry and can yield potential use cases in the future. 

tZERO Launch Tomorrow

The public trading of Exodus common stock – through the EXIT token – will occur through the tZERO platform starting tomorrow. People familiar with security tokens will know that name, as it is one of the premier platforms to trade digital securities and cryptocurrencies. Having support from this platform is a big boon for EXIT and its ecosystem. 

Interestingly, tZERO has confirmed the token will trade under the EXOD ticker. Thus, token holders can send their assets to the platform, although it differs from a cryptocurrency transaction. The blog post by the Exodus team explains how to complete this action on desktop and mobile to ensure everyone has a smooth experience. 

Users also want to take note of how transactions can remain pending for some time. That is normal, as a third party will settle all security token transactions. Therefore, sending funds today is possible, but it will not provide any benefit, as nothing will be processed until September 14th. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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