Exodus will accomplice with Superstate to tokenize its personal shares, first out there on Solana.
Abstract
- Exodus will challenge tokenized belongings to symbolize its personal Class A shares.
- The agency will leverage Superstate’s inventory token issuance platform, Open Bell
- Tokenized shares will first launch on Solana, with plans to increase to different networks
Tokenization is a rising development in crypto markets, and Exodus is main by instance. On Friday, August 8, the self-custodial crypto platform introduced a partnership with Superstate to tokenize its shares.
Particularly, Exodus will challenge inventory tokens that symbolize its Class A shares. These tokens will initially launch on the Solana (SOL) community, with plans to increase them to a number of different main public blockchains.
“Exodus has all the time believed in constructing a world the place each asset turns into tokenized, mentioned JP Richardson, CEO of Exodus. “This strategic step lays the muse for the way forward for finance and digital asset adoption.”
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Exodus plans expansions to different main networks
Exodus will leverage Superstate’s inventory token issuance platform, Open Bell. This can allow Exodus to launch its personal tokens on a number of main networks, along with its present tokenized shares on Algorand (ALGO). To date, the corporate has revealed plans to challenge its tokens on the Ethereum (ETH) community, amongst others.
“Exodus has all the time been on the vanguard of tokenization, and Superstate is proud to accomplice on this journey. Collectively, we’re going to rework the way forward for public capital markets on-chain,” mentioned Robert Leshner, CEO of Superstate.
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Tokenized shares usually depend on wrapped fashions that don’t immediately contain the unique issuer, which may expose holders to counterparty danger if custodians default. In distinction, Superstate is an SEC-registered switch agent that works immediately with token issuers.
This permits the tokens to digitally symbolize shares and function a report of authorized possession on the blockchain.
Learn extra: ‘Tokenized securities are nonetheless securities’: Does Hester Peirce’s assertion assist to advance the shares’ tokenization development?
