The joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE) will launch its blockchain-based securities trading venue this month. After a wave of corporate objections, it has secured listings for Coinbase Global COIN, Circle Internet CRCL, Strategy MSTR and a range of Direxion exchange-traded funds (ETFs).
OKXICE said Wednesday that the onchain stock trading venue is scheduled to launch on Nov. 23. More than 70 assets have been confirmed for round-the-clock trading, although not all will be available at launch, a spokesperson said.
The lineup also features Robinhood, BitGo, Securitize and Better.com. Strategy’s common and preferred stocks will be listed, while asset manager Direxion, which oversees $70 billion in assets, will bring 59 ETFs to the venue.
The confirmed lineup gives the venue a starting point after months of planning faced widespread resistance from large-cap companies included in its initial roster.
Following Canton-based TSV earlier this month, OKXICE is set to become the second venue to launch under the U.S. Securities and Exchange Commission’s (SEC) five-year experiment called the “innovation exemption”, which allows tokenized stocks to be traded on blockchain rails through automated market makers — software that executes trades using pools of assets rather than matching buyers and sellers through an order book.
“The SEC has created a real opening for American markets to lead the next era of finance,” OKXICE co-chairman Andrew Cuomo said in a statement.
A different lineup
The initial selection is considerably different from the broad mix of technology, financial, retail and industrial companies OKXICE first proposed.
Of the 62 companies on its original list, 56 — about 90% — had objected, according to a CoinDesk tally. Objections totaled 67, including those from companies outside the initial selection. Apple, Microsoft, Nvidia, Amazon, Tesla and JPMorgan Chase were among those opting out.
Under the SEC’s framework, issuers have 30 calendar days to object after receiving notice when an unaffiliated third party arranges the tokenization. The objections highlight companies’ caution about trading outside the familiar stock market structure, rather than necessarily signaling opposition to tokenization itself.
The new lineup is concentrated in companies already connected to digital assets, with Direxion’s funds supplementing them.
Source: www.coindesk.com. Adapted by NBTC.
Add A Comment
Comments are closed.