OKXICE Aims to Launch 247 Tokenized Stock Trading in the U.S.

OKXICE, a partnership between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the NYSE, has filed plans with the U.S. Securities and Exchange Commission (SEC) to launch a 24/7 tokenized stock trading platform. The move, announced by former New York Governor Andrew Cuomo on X, aims to offer tokenized versions of over 60 U.S.-listed companies.

Tokenized stocks are digital representations of traditional shares that exist on a blockchain, allowing for trading outside regular market hours and faster settlements. The venture leverages a new SEC rule, the "Innovation Exemption," which permits qualified venues to trade tokenized U.S. stocks using automated market makers and liquidity pools for a temporary five-year period.

The plan includes safeguards to ensure tokenized shares maintain the same rights as regular stocks, including dividends and voting privileges. Listed companies also have 30 days to object to their stocks being tokenized. OKX and ICE formed their joint venture in June to develop infrastructure for tokenized financial products.

While crypto exchanges have long offered tokenized U.S. stocks to international customers, OKXICE aims to bring this trading onshore, providing regulated access to U.S. investors. The market for tokenized stocks has grown rapidly, reaching approximately $3.2 billion, a 15% increase in the past month, according to RWA.xyz.