Exodus Movement Inc. (AMEX:EXOD) began trading on the NYSE American exchange this Wednesday, becoming the latest listed company on Wall Street with cryptocurrencies as its core business.
What happened
Shares of the self-custodial wallet provider closed 37% higher at $53.50 after being listed on NYSE American, which is the subsidiary of the New York Stock Exchange.
Belonging to the New York Stock Exchange, the NYSE American specializes in small and mid-cap stocks.
The company, which previously traded over-the-counter, gained approval to list its common stock last week.
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Why is it important
Founded in 2015, Exodus is one of the oldest providers of non-custodial Cryptocurrency wallets, supporting major cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
With its debut, Exodus joined the list of Wall Street companies that primarily deal in cryptocurrencies, including Coinbasethe largest cryptocurrency exchange in the US, and Japan’s crypto giant, Coincheck.
A stock market listing, especially in the US, exposes a company to a broader spectrum of institutional and retail investors, thereby increasing its liquidity and visibility.
Photo courtesy of: Maor_Winetrob on Shutterstock.com
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