Exodus partners with Superstate to tokenize its shares on Solana
Exodus will accomplice with Superstate to tokenize its personal shares, first accessible on Solana.
Abstract
- Exodus will situation tokenized property to characterize 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 develop to different networks
Tokenization is a rising pattern 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 situation inventory tokens that characterize its Class A shares. These tokens will initially launch on the Solana (SOL) community, with plans to develop them to a number of different main public blockchains.
“Exodus has at all times believed in constructing a world the place each asset turns into tokenized, mentioned JP Richardson, CEO of Exodus. “This strategic step lays the inspiration 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. It will allow Exodus to launch its personal tokens on a number of main networks, along with its current tokenized shares on Algorand (ALGO). To date, the corporate has revealed plans to situation its tokens on the Ethereum (ETH) community, amongst others.
“Exodus has at all times been on the vanguard of tokenization, and Superstate is proud to accomplice on this journey. Collectively, we’re going to remodel the way forward for public capital markets on-chain,” mentioned Robert Leshner, CEO of Superstate.
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Tokenized shares typically depend on wrapped fashions that don’t immediately contain the unique issuer, which might expose holders to counterparty threat if custodians default. In distinction, Superstate is an SEC-registered switch agent that works immediately with token issuers.
This permits the tokens to digitally characterize shares and function a document of authorized possession on the blockchain.
Learn extra: ‘Tokenized securities are nonetheless securities’: Does Hester Peirce’s assertion assist to advance the shares’ tokenization pattern?
