NYSE Owner and OKX Launch Joint Tokenized Stock Trading Venture
OKX and ICE, the parent company of the New York Stock Exchange, have formed a joint venture called OKXICE to launch a blockchain-based platform for trading tokenized U.S. stocks. The venture has filed with the SEC to offer around-the-clock trading for more than 60 stocks using stablecoins. Each token will be backed by an underlying share, ensuring ownership of real stocks rather than just tracking their price. The platform will operate on XLayer, a blockchain linked to OKX, under a new SEC exemption for regulated on-chain stock trading venues.
The announcement comes three months after former New York governor Andrew Cuomo was named cochair of OKXICE. In March, ICE invested $200 million in OKX at a $25 billion valuation, according to Bloomberg. Cuomo emphasized the potential of tokenized securities, stating, 'Ownership shouldn’t have office hours.' Tokenized assets have surged in popularity, with tokenized stocks leading a 2,000% growth this year.
The SEC’s recent five-year program, allowing blockchain-based stock trading under a temporary exemption, facilitated this development. The exemption came after the Senate failed to advance the CLARITY Act, which would have created a national market structure framework for the crypto industry. Cuomo’s involvement also marks a deeper commitment to OKX, following the exchange’s resolution of a Justice Department investigation into anti-money-laundering violations earlier this year.