The New York Stock Exchange (NYSE) has selected Avalanche (AVAX) as the sole blockchain for settling trades on its upcoming 24/7 tokenized securities platform. While stocks listed on the platform can reside on various blockchains, all settlement activity will occur exclusively on Avalanche. The exchange's existing technology will handle matching buy and sell orders, with Avalanche providing instant trade settlement.
The platform is scheduled to launch in the fourth quarter of this year, pending regulatory approval. Dennis Lee, Head of Digital Issuance at NYSE, emphasized that Avalanche was chosen for its speed, reliability, cost predictability, and strong developer community. Emin Gün Sirer, CEO of Ava Labs, noted that the platform will operate on dedicated infrastructure to ensure consistent performance and meet regulatory requirements.
NYSE has secured six transfer agents for the venue, including Securitize, tZERO, Broadridge Financial Solutions, Computershare, Equiniti, and Superstate. Tokenized shares on the platform will be interchangeable with traditionally issued stock, offering holders the same dividends and governance rights. Additionally, NYSE's parent company, Intercontinental Exchange (ICE), is collaborating with BNY and Citi on tokenized deposits for clearinghouses.
As of Monday, AVAX was trading at $8.87, up 8.2% in a day, according to CoinGecko data.