Odaily reports that OKX and ICE will launch 24/7 tokenized stock trading on November 23.
Crypto trading platform OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, will launch tokenized stock trading on November 23, allowing eligible U.S. users to trade around the clock. The platform will operate under a temporary innovation exemption from the U.S. Securities and Exchange Commission (SEC); 67 companies had objected to their stocks being listed on the platform, including JPMorgan Chase, McDonald's, SpaceX, and Coca-Cola.
OKX expects the platform to list more than 70 assets, including 59 exchange-traded funds (ETFs), as well as tokenized stocks of Coinbase, Circle, BitGo, Robinhood, and Strategy, along with Strategy preferred shares. As of November 11, the total value of tokenized stocks and ETFs reached $3.88 billion, up 13.4% over the past 30 days.
A study by the International Monetary Fund (IMF) found that tokenized stocks are about 1.5 times more volatile than their counterparts in traditional markets; decentralized exchanges have the weakest liquidity, with prices deviating further from traditional market prices than those on centralized exchanges. The IMF also warned that the integration of blockchain trading and settlement could weaken market safeguards that buffer shocks.
Nasdaq warned in a January filing that tokenized stocks trading on platforms outside traditional trading systems could fragment liquidity and make it harder for investors to obtain the best prices. Andrew Cuomo, co-chair of OKXICE and former governor of New York, said investors will enjoy the same rights, protections, and ownership as the underlying stocks. (Cointelegraph)
