Avalanche will provide the core ledger for clearing and settlement at an NYSE-affiliated digital trading platform for tokenized securities, Ava Labs, the company behind the network, said on Monday. The platform is still being built and is subject to regulatory approvals. CryptoWatchDesk last covered the exchange group’s tokenization push when issuer objections to OKXICE reached 67, a separate venue run by NYSE’s parent, Intercontinental Exchange, with OKX.
The announcement splits the platform in two. Avalanche is the ledger that records and settles trades, supplied to the platform’s clearing firm. The shares themselves can be issued elsewhere: NYSE’s head of digital issuance, Dennis Lee, said in the release that the platform “will support equities listed on a range of blockchains.”
That is a narrower claim than “NYSE moves to Avalanche”. NYSE chose, in Lee’s words, a ledger that is “fast and reliable”, lets it “control who can take part” and keeps costs predictable. That points to a permissioned settlement layer rather than an open market for any token.
The release says the platform is designed for 24/7 trading, clearing and settlement for its subscribers. CoinDesk adds that it will pair NYSE’s Pillar trading engine with blockchain clearing and stablecoin-based funding, and that the exchange recently expanded its network of transfer agents to six firms. NYSE’s own pre-market update repeated the announcement on Monday.
None of the three documents gives a launch date, and we found no regulatory filing for the venue. For comparison, Amundi’s tokenised share class on Ethereum shows the other route, an issuer putting a fund on a public chain.
AVAX traded at $8.88 on Kraken at 14:51 UTC, against $7.93 at the start of the UTC day.
Related: Schwab has added avalanche, solana and chainlink to its retail crypto accounts
Related: Tokenization firm Securitize has agreed to buy River One, a stablecoin-funded warehouse lender
This article is for information only and is not investment advice.