Exodus ‘Buy Back’ Program Set to Commence while Tokai Tokyo Partners with ADDX – Digital Securities Weekly

Exodus Buy-Back

With $75 million raised from thousands of investors, digital asset wallet Exodus clearly has a bright future.  Unfortunately, a lack of liquidity found on secondary trading markets recently led to a disconcerting and pronounced drop in share prices.  This event saw Exodus shares drop to as low as $9 each.

Unsurprisingly, Exodus strongly believes in itself and its future potential.  As such, the company has viewed this price suppression as an opportunity, announcing its intent to launch a ‘buy-back’ program.

Scheduled to launch today, this buy-back program will see shares re-purchased at up to $55 each.  The event will last until either December of 2022 or until $2 million worth is reacquired – whichever comes first.

Exodus CFO, James Gernetzke, states, “The near doubling of Bitcoin prices since mid-year has added to our already strong balance sheet. We have over $150 million in liquid assets at today’s cryptocurrency prices, and we continue to aggressively invest shareholder capital to facilitate growth and enhance the user experience. This includes investments in integrating additional applications like FTX onto the Exodus platform and expanding our customer service team from approximately 30 team members at the beginning of the year to 90 today. We expect the share repurchase program to deliver additional value to shareholders over the long-term.”

Tokai Tokyo Granted Security Token License

Meanwhile in Japan, Tokai Tokyo has recently been granted licensure by Japan’s Financial Services Agency (FSA) which will allow for the company to offer services surrounding digital securities.  This licensure is especially noteworthy, as it underpins a new partnership between Tokai Tokyo and ADDX – a private market exchange specializing in digital securities.

As a pair, these companies have announced an intent to begin offering fractionalized investment services, with the tokenization of both Japanese banks and real estate companies.

This partnership is doubly beneficial, as any digital securities minted are expected to be listed and traded on ADDX’s secondary marketplace, providing crucial liquidity for interested parties.

Tokai Tokyo Senior Managing Executive Officer, Yuji Ban, states, “It took a long time to get to this point, but we now have a license for security tokens. Our future collaboration with ADDX will be key to establishing an innovative business model in Japan, where a digital security exchange like ADDX does not exist yet. We and many others in Japan eagerly anticipate working with ADDX to create investment opportunities for Japanese investors and new financing options for issuers. We look forward to working with ADDX on a variety of security token projects in the near future.”