Ava Labs says Avalanche will settle the NYSE's planned 24/7 tokenized-stock platform, which still needs regulatory approval

Ava Labs, the company behind Avalanche, said on Monday that its blockchain will serve as the "core ledger technology" for the clearing firm behind an NYSE-affiliated platform for tokenized securities. The platform is being developed by Intercontinental Exchange, the exchange's parent, for trading, clearing and settlement 24 hours a day, subject to regulatory approval, The Block and Decrypt report.

Decrypt notes that the choice puts a blockchain under the settlement layer itself rather than wrapping a single stock or fund in a token. NYSE's head of digital issuance, Dennis Lee, said the exchange is "picking the right technology for each job," and that the ledger recording and settling trades has to be fast, reliable and able to control who takes part. The venue will support equities listed on a range of blockchains, he said.

The move follows about a year of NYSE testing Avalanche, Ava Labs president Charley Cooper told The Block in September. The Block, citing The Wall Street Journal, reports a fourth-quarter launch target; Decrypt says no launch date was given. Last week NYSE announced agreements with Broadridge, Computershare, Equiniti and Superstate for issuer-sponsored tokenized securities. No deal value was disclosed.

A separate ICE and OKX venue, OKXICE, has met resistance: 67 companies have objected to their shares being tokenized there.