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Exodus Movement Receives Approval for NYSE Listing
Crypto wallet developer Exodus Movement has received approval to list its common stock on the NYSE under the ticker EXOD. Trading for the stock will commence on the platform on May 9, the company announced on Monday.
Enhancing Market Presence Through NYSE Listing
NYSE American, formerly known as the American Stock Exchange (AMEX), focuses on companies with smaller market capitalization compared to the main NYSE. By moving to the NYSE American, Exodus aims to enhance its market presence and attract more investors.
Exodus Stock Uplisting to NYSE American
The EXOD stock is already listed on the OTCQX market, and the recent approval paves the way for Exodus’ stocks to be “uplisted” to the NYSE.
Company Background and Achievements
Founded in 2015, Exodus Movement specializes in developing self-custodial wallet services for cryptocurrencies such as Bitcoin, Ether, and other digital assets. The company has tokenized its EXOD security tokens on the Algorand blockchain, making it the only U.S.-based company with its common stock tokenized on the blockchain.
Exodus reported a revenue of $29.1 million in the first quarter of 2024, marking a significant 118% increase compared to the same period last year. The company also had approximately 1.69 million monthly active users during the first quarter.
Regulatory Developments in the Crypto Wallet Space
Exodus’ move to list its common stock on the NYSE American coincides with regulatory actions affecting other self-custodial wallet providers. ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have discontinued their services for customers in the United States due to recent regulatory crackdowns on self-custodial cryptocurrency wallet providers.
The regulatory focus on self-custodial wallets is driven by concerns about potential illicit activities such as money laundering. Consensys, the creator of MetaMask, and the co-founders of Samourai Wallet have faced regulatory actions related to their cryptocurrency products.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
