OKXICE Aims to Launch Tokenized US Stock Trading Venue
OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), has announced plans to launch a tokenized stock trading venue in the US. The venue will allow for round-the-clock trading and faster settlement, while preserving dividend and voting rights.
The plan relies on a new five-year SEC exemption, which was issued on September 17. The exemption allows qualifying venues to trade tokenized US stocks using automated market makers and liquidity pools. However, the launch is subject to regulatory steps, including a 30-day period for companies to object to the tokenization of their shares.
The tokenized stock trading venue will initially offer blockchain-based shares of over 60 US-listed companies. The move marks a significant step towards bringing tokenization to the mainstream, with the NYSE owner's involvement signaling a growing acceptance of the technology.
Former New York Gov. Andrew Cuomo, the venture's co-chair, expressed confidence in the plan, stating, 'Tokenization is gathering real momentum, and we're beginning to see what happens when the infrastructure of traditional markets meets blockchain technology.'
The tokenized stock market is expected to be worth $3.2 billion, up 15% in the past month, according to RWA.xyz. The launch of the tokenized stock trading venue is expected to bring new opportunities for investors, but the timing remains uncertain due to regulatory steps.