The Exodus ‘Buy Back’ Program Set to Commence while Tokai Tokyo Partners with ADDX – Digital Securities Weekly.
Buy-Back Program for Exodus
Exodus, a digital asset wallet, has garnered $75 million from thousands of investors, indicating that it has a promising future. Unfortunately, a recent shortage of liquidity on secondary trading venues resulted in a disturbing and significant reduction in stock prices. Exodus stock fell to as low as $9 a share as a result of this occurrence.
Exodus, predictably, has a lot of faith in itself and its future prospects. As a result, the firm sees this price drop as an opportunity and has announced plans to undertake a ‘buy-back’ program.
This buy-back scheme, which is set to begin today, will see shares repurchased for up to $55 apiece. The event will remain until December 2022, or until a total of $2 million has been reclaimed, whichever comes first.
“The near doubling of Bitcoin values since mid-year has contributed to our already solid financial sheet,” says Exodus CFO James Gernetzke. At today’s cryptocurrency values, we have over $150 million in liquid assets, and we continue to actively spend shareholder funds to support development and improve the user experience. This includes investments in adding new apps to the Exodus platform, such as FTX, as well as increasing our customer support staff from around 30 people at the start of the year to 90 now. Over time, we anticipate the share buyback program to provide significant value to shareholders.”
Tokai Tokyo has been granted permission to use security tokens.
Tokai Tokyo, meantime, was recently awarded authorization by Japan’s Financial Services Agency (FSA), allowing the business to provide services related to digital securities. This license is significant because it supports a new relationship between Tokai Tokyo and ADDX, a private market exchange that specializes in digital securities.
With the tokenization of both Japanese banks and real estate businesses, these companies have stated their intention to begin providing fractionalized investing services.
This collaboration is doubly advantageous since any digital assets created are likely to be published and sold on ADDX’s secondary market, providing critical liquidity for interested parties.
“It took a long time to get here, but we finally have a license for security tokens,” Tokai Tokyo Senior Managing Executive Officer Yuji Ban says. In Japan, where a digital security exchange like ADDX does not yet exist, our future partnership with ADDX will be critical to building an innovative business model. We, along with many others in Japan, are looking forward to collaborating with ADDX to provide new investment possibilities for Japanese investors and financing choices for issuers. In the near future, we want to collaborate with ADDX on a range of security token initiatives.”
