JP Richardson’s favorite phrase is “easy to use.”
Well, maybe not, but the Exodus CEO certainly used it enough during a live ask-me-anything session that the cryptocurrency wallet maker held on Cointelegraph’s YouTube page.
While the focus of the livestream was the $75 million public offering of stock that Exodus Movement has hosted — and nearly completed — inside its own Exodus Wallet, Richardson reinforced this idea regularly throughout the broadcast.
“I think what a lot of people, first of all, really love about Exodus is the ease of use and how beautiful it is,” Richardson said when asked what makes his software wallet — which is available as an integrated desktop and mobile app, as well as on the popular Trezor hardware wallet — unique.
He returned to the subject when discussing Exodus Wallet users’ ability to trade any of the 133 cryptocurrencies it supports directly for any other with a flat 2% fee, without having to go through an exchange.
Giving the example of a DOGE for LINK swap, Richardson points out that on many exchanges, users would have to swap their Dogecoins for Bitcoin or a stablecoin, and then use that to buy the LINK tokens — with the attendant fees and delays — and then move it back to their wallet.
“Exodus provides convenience. That’s the big key here, this ease of use and convenience.”
DAI another day
In that vein, Richardson also replied to a question asking whether Exodus would support decentralized finance (DeFi) staking pools in the wallet. The answer was that the company started doing just that in early 2020, even connecting with Compound Finance to integrate its DAI stablecoin.
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“The vision was just one click,” he said. And, they began looking into something similar with sports betting on the SportX platform. Then Ethereum gas prices blew up.
“We really have got to make an experience where, not only is it easy, but it’s affordable for the mainstream to come in and start using these things. So, we will sometime, but that’s the key. We’ve got to do those two things.”
Show me the money
Now 98% complete, the $75 million public offering was registered with the U.S. Securities and Exchange Commission under Regulation A+, which allows stock sales for up to that amount to retail buyers — rather than just the wealthy “accredited” buyers most crypto industry stock sales have been limited to — as long as the stock is not listed on a national exchange like the Nasdaq.
In Exodus’ case, the stock was listed for $27.42 per share on… the Exodus Wallet. And, it was only sold for Bitcoin, Ether, or USDC stablecoins. It was available only in the U.S., excluding Arizona, Florida, and Texas.
“The point of our offering is more or less for a proof of concept to show the world that this is possible,” Richardson said. “We build in all the components from the actual offering itself, to the issuance of the stock, to the actual secondary trading. Once we have all of that bundled up into one package — and we make it easy — then we will go to other companies and say, come on in. You can do a stock public offering right inside the Exodus platform.”
The stock, Richardson adds, will be tokenized on a blockchain.
“We see that as an inevitable future is that all traditional assets, whether it’s stocks, bonds, mortgages, currencies… now will make their way to the blockchain. And so we thought, why don’t we be the trailblazers, the ones to go out there and make this a reality ourselves? People are going to be able to trade their stock inside of Exodus, as simply as people can trade Bitcoin or Ether or other crypto assets.”
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