Exodus Movement Receives Approval to Go Public On NYSE

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Exodus Movement, a leading Bitcoin (BTC) wallet maker, has achieved a significant milestone by receiving approval to list its common stock, EXOD, on the New York Stock Exchange (NYSE). As per the announcement, Exodus CEO and co-founder JP Richardson expressed excitement about the US Securities and Exchange Commission (SEC) approval and the trading on the NYSE American.

Exodus Stock is Tokenized on Algorand Blockchain

Interestingly, the unique part is that the common stock is tokenized on the Algorand blockchain, making Exodus the sole company in the United States to have its common stock tokenized in this manner. The decision to tokenize EXOD on the Algorand blockchain represents a pioneering step in traditional finance integration with blockchain technology.

Meanwhile, the approval from the SEC to tokenize EXOD means the company has been approved to offer and sell shares of its common stock, thereby generating funds from the public in a regulated manner. However, Richardson revealed that his company stock will start trading on the NYSE American on May 9th.

Tokenizing the common stock on the Algorand blockchain offers several advantages, including enhanced transparency, efficiency, and accessibility for investors. Blockchain technology enables real-time tracking and verification of ownership, which can streamline processes traditionally associated with stock trading.

NYSE Shows Interest in 24/7 Stock Trading

Last month, the NYSE said it is wondering if traders in the United States would be interested in embracing 24-hour stock trading, similar to how the cryptocurrency market operates. It is important to note that the prices of digital assets continue to increase or decrease around the clock, and when it is regarding stock markets, the assets do not trade on public holidays or weekends. The NYSE and other exchanges are open for a few hours, after which they close.

To gauge market sentiment, the data analytics team at NYSE conducted a survey asking participants whether they would support 24/7 or 24-hour weekday trading. While NYSE hasn’t released the survey results, Skylands Capital senior trader Tom Hearden conducted a poll among his followers, with over 70% of respondents voting against NYSE moving to 24/7 trading hours.

NYSE Submits Trademark Application 

Recall that in 2022, the NYSE submitted a trademark application to the United States Patent and Trademark Office (USPTO) to register “NYSE” for several blockchain and cryptocurrency-related products and services.

With the application, the financial exchange will supply downloadable virtual products for Non-Fungible Tokens (NFTs) and digital collectibles, and field data authentication on NFTs using blockchain technology. Meanwhile, the NYSE follows the footsteps of other prominent organizations that have submitted trademark applications to protect their names and signal their interest in blockchain and NFTs.

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