OKXICE, the joint venture of OKX and New York Stock Exchange owner Intercontinental Exchange, will open its tokenized securities venue on 23 Nov with more than 70 confirmed assets, the company said on Wednesday, CoinDesk and The Block reported. The list includes Coinbase, Circle, Robinhood, BitGo, Securitize, Better.com, Strategy’s common and preferred shares and 59 ETFs from Direxion. CryptoWatchDesk last covered OKXICE when 67 issuers had objected in its 5 Nov notice.
The lineup is close to a mirror image of that objection list. Of the 62 companies OKXICE first proposed, 56 objected, by CoinDesk’s tally, and every Magnificent Seven name is among the objectors. Coinbase, Robinhood and Strategy were absent from the 5 Nov notice and are now on the venue.
Not every confirmed asset will trade on day one, a spokesperson told CoinDesk.
Trading will run around the clock in Uniswap v4 liquidity pools on X Layer, OKX’s Ethereum layer-2 network, with Securitize providing the tokenization, according to CoinDesk. The tokens represent security entitlements to the underlying shares, so holders keep dividends, voting and corporate-action rights, and they sit in customers’ own wallets; OKXICE says it will not hold assets or private keys. Access is limited at first to eligible US customers of OKX who have finished onboarding, The Block reported, through OKX’s CeDeFi Wallet.
The venue operates under the SEC’s five-year “innovation exemption” for tokenized stock trading, which lets an issuer object when an unaffiliated third party tokenizes its shares. CoinDesk said OKXICE will be the second venue to launch under it, after a Canton-based venue earlier this month. Background on what tokenized stocks are.
“The SEC has created a real opening for American markets to lead the next era of finance,” OKXICE co-chair Andrew Cuomo said in the announcement, as quoted by CoinDesk.
Not every exchange operator agrees. Nasdaq’s chief legal and regulatory officer, John Zecca, wrote in Barron’s on Tuesday that Nasdaq plans to “opt its own stock out of Tokenized Securities Venues”, The Block reported, warning that the exemption lets tokenized stocks trade outside the National Market System.
Related: A separate NYSE-affiliated tokenized stock platform has picked Avalanche as its ledger
This article is for information only and is not investment advice.