OKX and NYSE Parent ICE Team Up for Tokenized Stock Platform in the U.S.

OKX, a major cryptocurrency exchange, has taken a significant step toward launching a tokenized stock trading platform in the U.S. by filing a registration statement with the Securities and Exchange Commission (SEC). This move comes in partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). The new platform, dubbed OKXICE LLC, aims to offer tokenized shares of 63 NYSE-listed companies, pending regulatory approval.

Under the SEC's recent temporary exemption, companies have a 30-day opt-out period to exclude their shares from tokenized trading. OKXICE plans to combine OKX's blockchain expertise with ICE's market technology, leveraging a joint venture established earlier this year when ICE acquired a stake in OKX. The partnership was initially focused on cryptocurrency futures but has now expanded into tokenized securities.

Andrew Cuomo, co-chairman of OKXICE, highlighted the efficiency of blockchain technology in stock trading, describing it as a 24-hour global market. The new rules mandate that tokenized securities must grant holders all the rights of traditional shareholders, including dividends and voting power. This innovation is expected to reshape the competitive landscape among crypto platforms and traditional exchanges.

The launch timeline for the OKXICE platform depends on completing the opt-out period and fulfilling other regulatory requirements. Meanwhile, Bitcoin's price has seen recent fluctuations, briefly surpassing $87,000 before settling around $86,418, still below its all-time high of approximately $126,000.