OKXICE to launch 24/7 trading in tokenized US securities

A booth of OKX cryptocurrency exchange is seen at Hong Kong Web3 Festival, in Hong Kong, China April 13, 2023. REUTERS/Tyrone Siu/File Photo

Nov 11 : OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange, will launch a platform for round-the-clock trading in tokenized U.S. securities on November 23, the companies said on Wednesday.

Here are some more details:

• The venture, which filed with the SEC in October to launch the platform, said it would initially offer more than 70 assets, including tokenized shares of Coinbase, Circle and Robinhood, and 59 exchange-traded funds from Direxion

• The launch comes after more than a dozen major US companies objected to OKXICE offering tokenized versions of their shares on its platform, Reuters reported

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• The crypto industry argues tokenizing securities could revolutionize markets by allowing shares to be traded 24/7 and settled instantly, boosting liquidity and reducing transaction costs

• The SEC paved the way in September, days after the US Senate failed to advance comprehensive cryptocurrency legislation, by rolling out exemptions to platforms that facilitate trading of tokenized stocks that offer the same rights and privileges as the underlying securities

• "The future of tokenized stocks should be built on real shares, real shareholder rights and the protections investors expect. That's how we build the next chapter of capital markets on the right foundation," said Carlos Domingo, chairman and CEO of Securitize

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