Bybit's recent hack has emphasized the importance of self-custody wallets, leading broker Benchmark to initiate coverage of Exodus Movement. The Nebraska-based company, which offers crypto wallets, has been given a buy rating and a $38 price target. Despite a recent decline in market cap, Benchmark sees this as an opportunity for investors due to Exodus Movement's strong operating performance, rapid scalability, and favorable conditions in the US crypto space. The company generates most of its revenue through its exchange aggregation feature and its "wallet-as-a-service" business. Exodus Movement's stock began trading on the NYSE American in December 2021.



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