Exodus Partners With Superstate in Tokenization Project

Self-custodial crypto platform Exodus (NYSE American: EXOD) is at the verge of signing a strategic partnership deal with Superstate to tokenize its own shares. Noteworthy, this share will first be available on the Solana (SOL) blockchain. This incoming alliance is a reflection of how tokenization has found a strong place in the crypto industry. 

Exodus to Drive Asset Tokenization 

On August 8, Exodus announced its collaboration with Superstate in a bid to tokenize its EXOD shares, starting with Solana.

The plan is to issue stock tokens that represent Exodus Class A shares. With time, the crypto platform will expand this product to several other major public blockchains like Bitcoin (BTC) and Ethereum (ETH). 

JP Richardson, CEO of Exodus, claimed that the company has always looked forward to the tokenization of every asset. Moreso, the crypto firm has always wanted to be one of the pioneers of this transition. “This strategic step lays the foundation for the future of finance and digital asset adoption,” he added.

Tokenization Finds a Large Spot in the Crypto Industry 

As part of their agreement, Exodus will leverage Open Bell, the stock token issuance platform operated by Superstate. Through this platform, it can launch its tokens on other major networks. 

This is in addition to its existing tokenized stocks on Algorand (ALGO). Exodus is also soaring on the wings of Superstate’s status as a transfer agent registered with the US Securities and Exchange Commission (SEC).

Meanwhile, tokenization has found a major spot in the digital asset industry. The partnership between Exodus and Superstate further reiterates the growing attention of tokenization. Even top agencies and organizations are beginning to hold discussions on the subject. 

In July, the SEC held a meeting with Ethereum-aligned industry groups to discuss the establishment of a token standard that would support the compliant issuance and transfer of tokenized securities.

Dubai Land Department Makes Real Estate Tokenization Move

Still speaking on tokenization, blockchain payment firm Ripple and Ctrl Alt, a digital asset platform, partnered recently to support a new initiative by the Dubai Land Department. Precisely, the Dubai Land Department intends to use Ripple and Ctrl Alt’s blockchain solutions to simplify the traditional process of buying and selling property.

This way, it hopes that more people can invest in Dubai real estate.