OKX and NYSE owner plan round-the-clock tokenized stock trading

The owner of the New York Stock Exchange and the crypto exchange OKX want US stocks to trade on a blockchain at all hours. OKXICE, a joint venture of OKX and Intercontinental Exchange, notified the Securities and Exchange Commission on October 4 that it intends to launch a tokenized securities venue, Decrypt reported. Co-chair Andrew Cuomo announced the move the next day.

The venue would offer more than 60 US-listed stocks, including Nvidia, Tesla, Apple and Microsoft, according to Decrypt. Shares would trade 24 hours a day, seven days a week, against the stablecoins USDC, USDG and USDT, through permissioned Uniswap v4 pools on the X Layer blockchain. Holders would receive the same dividends and voting rights as ordinary shareholders.

The plan rests on the SEC's Innovation Exemption, which took effect on September 17. The agency does not approve venues one by one under the exemption. A qualifying venue can operate after notifying the SEC, and companies whose shares would be listed have 30 days to object. The exemption runs until September 17, 2031, Crypto Briefing reported.

Decrypt's report gave no launch date. Crypto Briefing reported on October 4 that OKXICE's broker-dealer and futures licences were still pending with the SEC and the Commodity Futures Trading Commission.

OKX and Intercontinental Exchange each own half of the venture, which was formed in June. Intercontinental Exchange took a minority stake in OKX in March at a $25 billion valuation, Decrypt reported.