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Exodus Wallet Team Raises $ 75M in Regulated Token Sale

The developer of the cryptocurrency wallet Exodus raised $ 75 million during the US Securities and Exchange Commission (SEC) token offer.

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

The security token offer (STO) was held in accordance with the SEC’s “A +” regulation. The cost of one share was $ 24.72.

STO has generated demand from both institutional and retail investors. More than 6,800 new shareholders have joined the company.

“This placement reinforces the idea that if the financial system is democratized, people will take advantage of opportunities traditionally available only to the wealthy elite. Retail investors who bought a couple of shares were in the same deal as billionaires, ”said Exodus founder J.P. Richardson.

According to the press release, Exodus is using the proceeds from the sale of the shares to further expand its platform. The company will spend most of its funds on software development and marketing efforts to attract customers.

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

As a reminder, on May 4, the Swedish cryptocurrency broker Safello announced that its planned initial public offering (IPO) had been oversubscribed by 1240%.

Previously, INX, a digital securities and cryptocurrency trading platform, raised $ 85 million following an IPO.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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