Exodus Movement, the developer of a cryptocurrency wallet, has been granted approval to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol EXOD.
The company disclosed on Monday that trading for its stock will commence on May 9, marking a significant milestone for Exodus Movement.
JP Richardson, CEO and Co-founder of Exodus, expressed optimism about the development, highlighting the potential for increased long-term value for stockholders through enhanced visibility within the investor community and improved liquidity on the NYSE American platform.
Richardson emphasized that the uplisting represents an opportunity for Exodus to raise awareness about its brand and offerings in the broader market.
Exodus to Boost Market Visibility Through NYSE Listing
NYSE American, previously known as the American Stock Exchange (AMEX), specializes in listing companies with smaller market capitalization compared to the main NYSE. Exodus aims to bolster its market presence and appeal to a wider investor base by transitioning to the NYSE American platform.
Having its EXOD stock already listed on the OTCQX market, the recent approval sets the stage for Exodus to elevate its listing status to the NYSE. Existing stockholders have been informed that no preemptive action is necessary ahead of the NYSE American listing.
Established in 2015, Exodus Movement is dedicated to developing self-custodial wallet solutions for various cryptocurrencies, including Bitcoin, Ether, and other digital assets. Notably, the company has introduced EXOD security tokens, representing Class A EXOD common shares, which are built on the Algorand blockchain and can be managed using Exodus wallets. This move positions Exodus as the sole U.S.-based entity to have its common stock tokenized on the blockchain.
In its preliminary assessment for the first quarter of 2024, Exodus reported a revenue of $29.1 million, marking a substantial 118% surge compared to the corresponding period last year. Moreover, the company disclosed approximately 1.69 million monthly active users during the first quarter.
Americans Are Banned from Wasabi Wallet and Other Services by zkSNACKS
Exodus' decision to list its common stock on the NYSE American coincides with recent actions taken by ACINQ's Phoenix Wallet and zkSNACKs' Wasabi Wallet, which have ceased operations for customers in the United States. This move follows regulatory scrutiny targeting self-custodial cryptocurrency wallet providers.
The regulatory crackdown on self-custodial wallet providers intensified after ConsenSys, the developer of MetaMask, and crypto mixer Samourai Wallet faced enforcement actions. Concerns have arisen regarding the classification of self-custodial wallet providers as legitimate money service businesses.
Regulators are particularly focused on addressing potential risks associated with self-custodial wallets, such as facilitating illicit activities like money laundering. ConsenSys received a Wells notice from the SEC in April, signaling potential enforcement actions related to its MetaMask Swaps and MetaMask Staking products.
Additionally, the co-founders of Samourai Wallet were recently arrested on charges of money laundering by the U.S. Justice Department and other agencies. Samourai Wallet's CEO Keonne Rodriguez and chief technology officer William Hill are accused of conspiracy to commit money laundering and operating an unlicensed money transmitting business.
May 2024, Cryptoniteuae