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- The joint venture OKXICE established by OKX and the parent company of the New York Stock Exchange, ICE, will launch its tokenized securities trading platform on November 23. The first batch will include over 70 assets, among which are 59 ETF under Direxion.
- The initial issuers include Coinbase, Circle, Robinhood, and Strategy. These crypto-friendly companies did not appear on the list of 67 opponents as of November 5th.
- Securitize will provide tokenization services, with each token backed 1:1 by a real share of stock. Access is limited to eligible OKX customers in the United States.
After being rejected by American businesses for several weeks, the tokenization stock platforms of OKX and ICE have finalized their list of companies to go live: listed companies within the cryptocurrency industry itself.
OKXICE stated on Wednesday that its tokenized securities trading platform will be launched on November 23, allowing eligible U.S. customers to trade tokenized securities around the clock within the OKX application.
It is expected that more than 70 assets will be listed, including securities such as Coinbase, Circle, Robinhood, Strategy, BitGo, Securitize, and Better.com, as well as 59 ETF under Direxion. Strategy will also list its preferred stocks.
This is very different from the initial list of that platform. According to its notice on November 5th, at that time there were a total of 67 companies that opposed the trading of their stocks on that platform, including all members of the "Big Seven" technology companies in the US stock market. It is worth noting that Coinbase, Robinhood, and Strategy did not appear on this list, yet these three companies have now all become initial public offerings (IPOs) on that platform.
"The U.S. Securities and Exchange Commission has truly created opportunities for the U.S. market to lead the next phase of the financial era," said former Governor of New York State Andrew Cuomo. He currently serves as co-chairman of OKXICE. OKXICE is a joint venture established by OKX and Intercontinental Exchange (Intercontinental Exchange), the parent company of the New York Stock Exchange.
According to the announcement, Securitize will provide tokenization infrastructure. Each token represents a right and is backed 1:1 by a real American stock, along with dividends, voting rights, and other shareholder benefits.
Transactions will be conducted through an automated market maker fund pool established on X Layer, using the protocols Uniswap and v4. X Layer is the Ethereum layer-2 network for OKX. Customers will hold these tokens through their self-managed wallets.
Strategy CEO Phong Le stated that advancing tokenization on this platform is the “logical next step” for the company’s preferred stocks (such as STRC).
Access is limited to qualified OKX customers located in the United States; these customers need to enable CeDeFi Wallet, undergo authentication, and complete the account registration process for OKXICE. The platform operates under the innovative exemption mechanism of the U.S. Securities and Exchange Commission (SEC). The institution announced this exemption arrangement in September, as prior efforts with Clarity Act had not made progress in the Senate. Under this exemption, companies have 30 days to file objections in order to prevent the tokenization of their stocks from being launched on a particular platform.
This launch also adds another milestone to Wall Street's recent intensive efforts in tokenization. The new tokenization service of DTCC will go live at the end of October, with some components already running on Canton Network; Morgan Stanley stated that it is one of the first banks to utilize this service.
