OKXICE launches tokenized stock trading on November 23
The platform will trade on-chain versions of US stocks using a new SEC exemption.
The short version
- Meta Platforms, Tesla, Netflix, Costco and Home Depot have already opted out of the program.
- The venue will go live with more than 70 assets confirmed.
OKXICE, a joint venture between the crypto exchange OKX and the New York Stock Exchange parent Intercontinental Exchange, will launch its tokenized securities venue on November 23. This new platform allows for the trading of on-chain versions of US stocks under a specific exemption from the SEC.
While the venue aims to lead a new era of finance, it faces significant pushback from Wall Street firms. By November 5, 67 companies had filed written objections to stop their shares from being tokenized on the platform, including household names like Meta Platforms, Tesla, Netflix, Costco and Home Depot.
Nasdaq, which is building its own tokenization project with the crypto exchange Kraken, also stated it will opt its own stock out of these venues. Despite these objections, OKXICE plans to move forward with more than 70 assets, according to OKX. These assets include offerings from crypto firms such as BitGo, the digital dollar issuer Circle, Coinbase, Robinhood, Securitize and Strategy.
The SEC exemption is a five-year order that expires in September 2031, allowing the venue to operate without registering as an exchange. Eligible consumers will be able to trade these supported assets around the clock. Andrew M. Cuomo, the former governor of New York who now serves as Co-Chair of OKXICE, said the initiative offers an opportunity to build the future of finance in America.
Figures as reported by Cryptopolitan.
