OKX and NYSE Parent ICE File for 24/7 Tokenized US Stock Trading
A joint venture between OKX, a major crypto exchange, and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has filed for a 24/7 tokenized U.S. stock trading venue with the Securities and Exchange Commission (SEC). The new platform, OKXICE, will offer blockchain-based shares of over 60 U.S.-listed companies, allowing for round-the-clock trading and faster settlement, while preserving dividend and voting rights.
The plan relies on a new five-year SEC exemption, and its launch is subject to regulatory steps, including a 30-day period for companies to object to the tokenization of their shares. The NYSE owner's involvement marks a significant step towards mainstream adoption of tokenization, as crypto exchanges have offered tokenized U.S. stocks to international customers for some time.
Tokenized stocks are digital versions of regular shares that live on a blockchain, allowing them to trade outside normal market hours and settle faster than traditional stocks. The market for tokenized stocks has grown rapidly, with over $3.2 billion in value, a 15% increase in the past month, according to RWA.xyz.
The launch of OKXICE is expected to bring this trading onshore to a regulated U.S. venue, with former New York Gov. Andrew Cuomo, the venture's co-chair, stating that 'tokenization is gathering real momentum, and we're beginning to see what happens when the infrastructure of traditional markets meets blockchain technology.'