TLDR Cryptocurrency exchange OKX and Intercontinental Exchange, which owns the New York Stock Exchange, have created OKXICE as a joint venture to build a digital securities trading venue. Mor
Shares of Nvidia, Tesla, Apple, and Microsoft might become available for trading at any hour through a blockchain-powered marketplace. This initiative emerges from OKXICE, a partnership linking cryptocurrency platform OKX with Intercontinental Exchange, the corporation behind the New York Stock Exchange.
JUST IN: Crypto exchange OKX and NYSE owner ICE have OFFICIALLY filed with the SEC to bring 63 NYSE stocks on-chain.
Their joint venture, OKXICE, wants to offer tokenized shares of the NYSE-listed companies, per Bloomberg.
It's one of the first major crypto exchanges to use… pic.twitter.com/E5JP0t8gKU
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This week, OKXICE submitted documentation to the Securities and Exchange Commission. The submission outlined the operational mechanics of the proposed trading system and identified which equities would initially be available.
The filing identifies over 60 corporations. Beyond prominent technology firms, the roster features Amazon, Alphabet, JPMorgan Chase, Walmart, Netflix, and Boeing.
Several businesses with cryptocurrency connections also made the cut. The list encompasses Coinbase, Circle, Robinhood, Strategy, and Securitize.
Inclusion on the filing doesn’t guarantee availability on the final platform. Corporations have a thirty-day period during which they can formally oppose the tokenization of their securities.
Cerebras has already submitted an objection to its inclusion in the proposal. Analysts at TD Securities emphasized that no ticker symbol should be considered confirmed at this stage.
Rather than accessing securities through conventional brokerage channels, participants would acquire digital representations pegged to underlying stock positions. According to the regulatory filing, every digital token corresponds to one actual share maintained by a registered broker dealer.
Owners of these tokens would retain identical privileges as traditional equity holders. Dividend payments and shareholder voting rights remain intact.
Transaction settlement on the venue would occur through stablecoins rather than conventional U.S. currency. OKXICE intends to accept three specific stablecoins: USDC, USDT, and USDG.
The system will bypass the traditional order book model that pairs individual buyers with sellers. Digital tokens and stablecoins will instead reside in blockchain-powered liquidity pools where participants execute trades directly against pooled assets.
Purchasing tokens extracts them from the liquidity pool while depositing stablecoins, creating upward price pressure. Sales function inversely, applying downward pressure on valuations.
This infrastructure is known as automated market makers. Pricing mechanisms rely either on mathematical algorithms or active oversight from specialized trading entities.
According to TD Securities, the actively managed pools may prove more significant for equity trading than algorithm-driven alternatives. Professional trading operations using active management can recalibrate pricing and inventory levels in response to authentic market conditions.
All transactions will execute on XLayer, a blockchain infrastructure developed by OKX. The liquidity pool architecture will leverage technology from Uniswap, a decentralized exchange protocol.
One fundamental distinction from traditional securities markets is continuous availability. Activity would persist during evenings, weekends, and holidays, regardless of whether Nasdaq operations are suspended.
Valuations during non-standard hours would reflect trading dynamics within the platform’s liquidity pools. Prices wouldn’t merely replicate the most recent Nasdaq settlement figures.
User verification will be mandatory on the platform. Anti-money laundering protocols must be satisfied before participants gain trading privileges.
TD Securities suggested the platform might not immediately attract significant institutional participation. The financial institution cited existing streamlined access to listed securities and regulatory ambiguity as factors that may discourage early adoption.
The SEC exemption permitting this trading model extends for five years instead of establishing permanent regulatory clarity. This temporary status could discourage major financial institutions from investing resources in infrastructure for a framework that might undergo revision.
Harvey Li, who founded Tokenization Insight, commented that the genuine benchmark will be whether this venue can demonstrate which tokenization approach proves most effective for bringing equities onto blockchain networks. He suggested OKXICE might represent one of the earliest substantial experiments with this market design.
Andrew Cuomo, serving as OKXICE’s cochair, characterized the initiative as progress toward financial systems that operate globally without interruption. Star Xu, who founded OKX and serves as chief executive, stated that tokenization has the potential to make public equity markets more accessible and perpetually operational.
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