Exodus wallet team raises $75 million in regulated token sale

The developer of the Exodus cryptocurrency wallet raised $75 million in a regulated token offering overseen by the U.S. Securities and Exchange Commission (SEC).

We are so excited to announce that the $75 million Exodus Public Offering has officially completed!

Over 6,800 people participated in the offering. Thank you to everyone helping the world EXIT the traditional financial system! 🚀https://t.co/A39sdim1qw

— Exodus (@exodus_io) May 5, 2021

The SEC approved the application for the token sale on April 8. The Exodus Movement placed 2,773,229 tokenized Class A ordinary shares on the Securitize platform under the ticker EXIT.

The security token offering (STO) proceeded in accordance with the SEC’s A+ rule. The price of one share was $24.72.

The STO drew demand from both institutional and retail investors. More than 6,800 new shareholders joined the company.

“This issuance confirms the idea that if you democratize the financial system, people will use opportunities that have traditionally been available only to the wealthy elite. Retail investors who purchased a couple of shares participated in the same deal as billionaires,” said Exodus founder J.P. Richardson.

According to the press release, Exodus will use the proceeds from the sale to further expand its platform. The bulk of the funds will be allocated to software development and marketing efforts to attract customers.

Exodus also said it is working with Securitize and tZERO to prepare security tokens for trading on the secondary market. The company expects the process to be completed within 60 days. Until then, EXIT tokens will remain in investors’ digital wallets.

Earlier, on May 4, the Swedish cryptocurrency broker Safello announced that its planned initial public offering (IPO) was oversubscribed by 1,240%.

Earlier, the INX platform for trading digital securities and cryptocurrencies raised $85 million following its IPO.

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