Exodus Wallet Boast Impressive Q2 Numbers

Exodus Wallet, who this summer conducted their tokenized Reg A+ public offering, (the first ever public stock offering directly inside a cryptocurrency wallet, using only cryptocurrency for shares), has announced their Q2 earnings report, and the numbers are impressive.

Revenue for the second quarter came in at $27.7 million, demonstrating a 17% increase sequentially and growth of over 651% year-over-year.
Exchange Providers processed $1.6 billion of volume, up 777% from Q2 2020. Bitcoin and Ethereum continue to be the top assets traded at 21% and 14% of volume, respectively.
Monthly active users increased to 832,384 on June 30, 2021, up 12% sequentially from 745,012 on March 31, 2021 and 320% year-over-year from 198,400 on June 30, 2020.

Insights from the earnings report from Exodus ($EXIT) cannot be understated. Being one of the select few crypto entities that have gone public, e.g. Coinbase, these numbers can show a trend of where crypto is going and how popular it is within the institutionalized space of securities trading.

Speaking of the report, CEO JP Richardson said: “Exodus has had an impressive start to 2021, executing complex events for the first time, including our public offering, while surpassing numerous company records.” Trading will begin again on September 14th, as the offering was oversubscribed, with Exodus raking in over 75 million dollars.

Exodus is using Algorand’s Layer 1 for the tokenized shares of Exodus. On that, Richardson said: “We have chosen to use the Algorand blockchain to issue tokens with the EXIT symbol (“EXIT tokens”). EXIT tokens are not shares of Class A common stock; rather, they are digital representations on the Algorand blockchain of the number of shares purchased and held by a stockholder.”

James Gernetzke, CFO of Exodus, highlighted more of the report stating: “In Q2, we achieved our greatest number of monthly active users, our most fiat onboarded and our highest quarterly revenue to date.” Exodus has made customer service a priority, “in June, our first response time to customers dropped to a median of 8 minutes.” Exodus is more than a wallet, it is also an exchange aggregator. In fact, 98% of their Q2 revenue was derived from the exchange aggregation business.

Exodus offers over 100 crypto assets and is integrated with Trezor for cold storage. Richardson looks forward to when Exodus will begin trading this September. According to the announcement, they will be utilizing a platform called tZero. tZero is a fully regulated marketplace to “trade private digital securities”. “The recent crypto bull run proved our technology’s ability to scale,” said Richardson. “Since conducting our public offering, we have prioritized our upcoming launch of our shares to be traded on tZERO, with Algorand as our blockchain.”

The growth of Exodus has been spectacular, and shows the strength of crypto in general. At the beginning of 2021, Exodus only has 25,000 daily active users. Now, 9 months later, they have close to 1 million–a near 3,500% increase. By that math, Exodus is on-boarding 388% more daily active users every month.

Exodus seems to be following the arc of Coinbase, by going public, and blending the lines between crypto and traditional finance, appealing to all sides. In the future Exodus said they are looking to “continuously grow our brand awareness and integrate fiat on-boarding systems for customers from legacy financial systems. We will also drive more staking and earn yield opportunities for our users by adding an ever increasing set of assets; this increases the ways users can grow wealth.”

It will be interesting to see what EXIT will be traded at when it opens up this September, and how that growth will drive demand for the Algorand token (ALGO) as all EXIT token’s will living on their Layer 1. Overall, these impressive numbers from Q2 show that crypto is booming, and ‘crypto’s going public’ will surely be some of the hottest plays in the stock market going forward.

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Text source: CryptosRus

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