OKX and ICE Joint Venture Files for 24/7 Tokenized U.S. Stock Trading
OKXICE, a joint venture between OKX and the parent company of the NYSE, has notified the SEC of plans to launch a regulated venue for trading tokenized U.S. stocks around the clock.
OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange, has notified the U.S. Securities and Exchange Commission of its intent to launch a trading venue for tokenized U.S. stocks. The venture, which is a 50-50 partnership formed in June, aims to bring blockchain-based stock trading to a regulated U.S. environment.
The proposed venue plans to launch with more than 60 U.S.-listed companies. By utilizing blockchain technology, the platform intends to enable 24/7 trading and faster settlement times compared to traditional markets. The tokenized shares would maintain the same dividend and voting rights as standard equity.
The initiative relies on a five-year Innovation Exemption issued by the SEC on Sept. 17. This rule permits qualifying venues to trade tokenized U.S. stocks through the use of liquidity pools and automated market makers. The launch remains subject to further regulatory steps, including a 30-day window for companies to object to the tokenization of their shares.
Andrew Cuomo, co-chair of the venture, noted that the project aims to demonstrate how on-chain markets can improve the efficiency and accessibility of trading. While crypto exchanges have previously offered tokenized stocks to offshore customers, this move represents an effort to bring such products onshore to a regulated venue.
Tokenized stocks have seen growth in the offshore market, with current valuations reaching approximately $3.2 billion, a 15% increase over the past month. The timeline for the launch of the OKXICE venue depends on the completion of the 30-day objection period and other regulatory requirements.
