OKX and ICE's joint venture OKXICE plans to launch a US tokenized stock venue on November 23 and list 70+ assets; 56 of the 62 companies it targeted objected (Scott Patterson/Bloomberg)
Crypto's race to grab a slice of the US stock market is picking up speed even as many of the companies whose shares are being targeted for tokenized trading are pushing back.
OKX and Intercontinental Exchange (ICE) joint venture OKXICE plans to launch a US tokenized stock venue on November 23. Operating under the SEC’s temporary Innovation Exemption, the platform will offer eligible US customers round-the-clock trading for blockchain-based tokens that represent company shares or track their prices. OKXICE expects to list more than 70 assets, which Cointelegraph reports will include 59 of Direxion’s ETFs and assets led by crypto companies such as Coinbase, Circle, Robinhood, and Strategy. CoinDesk notes the list will include Strategy’s common and preferred shares.
The launch faces opposition from several corporations. Cointelegraph reports that 67 companies objected to having their shares listed, including JPMorgan Chase, McDonald’s, SpaceX, and Coca-Cola. Bloomberg states that 56 of the 62 companies targeted for tokenized trading objected. Additionally, Nasdaq has warned that trading across disconnected platforms could fragment liquidity as the exchange pursues its own tokenized stock plans.
Andrew Cuomo, the former New York governor and OKXICE co-chair, told Cointelegraph that investors would receive the same protections, rights, and ownership that come with the underlying shares. The distributed value of tokenized stocks and ETFs reached $3.88 billion on November 11, representing a 13.4% increase over 30 days, according to Cointelegraph.
Brief written by urgent.news from Techmeme, Cointelegraph, Decrypt, The Block, CoinDesk — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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