Algorand gains 15pc after wallet company Exodus digitises stock on platform
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The cryptocurrency Algorand is up 15 per cent this afternoon on two bits of bullish news for the ecosystem.
First, US blockchain wallet company Exodus Movement said it would digitise its common stock as EXIT tokens on the Alogrand blockchain.
The company behind the Exodus Wallet in April and May raised US$75 million by selling 2.7 million shares to 6,800 US investors as part of a “Regulation A” offering, intended to let smaller and medium-sized companies raise capital.
“This exciting partnership allows us to move closer to opening secondary trading in the near future,” said Sebastián Milla Goñi, chief of special projects at Exodus.
“Algorand was designed for modern financial applications and we are thrilled that Exodus has chosen Algorand to release the EXIT token,” said W. Sean Ford, chief operating officer of Algorand.
“Our partnership with Exodus is providing best in class management and exchange of digital assets on Algorand, representing a significant step in enabling broad access to the future of finance that is accelerating on our advanced technology.”
The company’s blockchain wallet lets users store over 100 different cryptocurrencies on their phone or desktop app.
Second, the venture capital fund Borderless Capital said it would invest US$25 million in startups and developers in the Miami community using the Algorand technology and Circle USDC coin.
The fund will bootstrap companies building platforms for digital payments and digital capital markets using Algorand technology.
Algorand, the No. 45 crypto, was trading at US$1.04 this afternoon.
It’s a layer 1 proof-of-stake platform sometimes compared to Cardano.
It was developed by MIT computer scientist Silvio Micali, a co-inventor of the cryptographic tool known as zk-SNARKs – non-interactive zero-knowledge proofs.