OKX and ICE Plan 24/7 Trading for Tokenized U.S. Stocks

OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange owner ICE (NYSE: $ICE), plans to launch a trading venue for tokenized U.S. stocks that will operate around the clock.

Former New York Gov. Andrew Cuomo, who serves as co-chair of the venture, announced the plan Monday. OKXICE submitted a notice to the U.S. Securities and Exchange Commission (SEC) dated October 4 under the agency's new "Innovation Exemption" for tokenized securities.

The exemption, introduced last month, allows qualifying venues to trade tokenized stocks without registering as traditional exchanges, provided they meet the conditions set by the SEC.

The notice lists more than 60 companies whose stocks could be tokenized, including Nvidia (NASDAQ: $NVDA), Tesla (NASDAQ: TSLA), Apple (NASDAQ: $AAPL), Microsoft (NASDAQ: $MSFT) and SpaceX (NASDAQ: $SPCX).

It also includes crypto-related companies such as Coinbase (NASDAQ: $COIN), Circle (NYSE: $CRCL), Strategy (NASDAQ: $MSTR), Robinhood (NASDAQ: $HOOD), BitGo (NYSE: $BTGO), and Securitize (NYSE: $SECZ).

The tokenized stocks would trade against USDC (CRYPTO: $USDC), USDG (CRYPTO: $USDG), or Tether's USDT (CRYPTO: $USDT).

Trading would take place through permissioned Uniswap (CRYPTO: $UNI) v4 liquidity pools on XLayer, OKX's layer-2 blockchain. Traders would need to pass identity, anti-money laundering, and sanctions checks through OKX's U.S. entity before receiving a non-transferable token that allows them to participate.