Exodus is trying to do an upgraded version of an ICO

Exodus Movement, the firm behind the popular Exodus Wallet, wants to reverse and get its crypto customers to buy stocks through Exodus Wallet—its own stock.

Without accepting US dollars.

Cryptocurrency wallet Exodus has applied for permission from the U.S. Securities and Exchange Commission (SEC) to carry out a public offering of tokenized shares in the company.

Exodus declared on Wednesday it filed its offering circular with the regulator, and after approval, will carry out a Regulation A Tier 2 offering (often called a Reg A+). Through this novel equity token tied to shares in the company, Exodus hopes to raise some $75 million, tapping the million or so active wallet users.

The filing was made last Friday. And the SEC will take at least 21 days to give it the stamp of approval. If approved, the wallet firm joins only the specific ones in the crypto ranks to go the regulated route, including Blockstack and its $28 million raise in September 2019.

JP Richardson (the Exodus CEO and co-founder) said in an interview:  „We’ve been working on this submission for a long time, with the whole process of back and forth, back and forth,” he also claimed: “Obviously, it still needs to be approved, and I can’t speak to any certainties here. I can tell you how excited I am.” 

Exodus preparation

„Exodus began working in on preparing a submission for the SEC back in May 2020“, Richardson said. He estimated the cost of the process had come in at around $1 million. To get to the filing stage, Exodus enlisted the help of Wilson Sonsini Goodrich & Rosati (WSGR), the same law firm Blockstack used to handle its Reg A+. 

If the SEC approves the sale, buyers will receive tokens representing Exodus stock in their Exodus wallets. Those shares would give buyers something ICO investors never had: legal ownership. Class A shares give holders substantial voting rights. “With Exodus equity, we ensure that owners of our shares have real skin in the game.”

Source: www.decrypt.co