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OKXICE sets a Nov. 23 launch for its tokenized stock venue, leaning on crypto names like Coinbase, Circle and Strategy after big-cap opt-outs
Summary
OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, said Wednesday it will launch its tokenized securities venue on Nov. 23 under the SEC's five-year innovation exemption, CoinDesk and The Block reported.
The venue has confirmed about 70 assets so far, including Coinbase, Circle, Robinhood and Strategy plus 59 Direxion ETFs, according to both outlets; CoinDesk said not all of them will be available at the start.
The lineup follows a wave of issuer objections: The Block said 67 companies had opted out as of a Nov. 5 filing, and CoinDesk counted 56 of the 62 companies on OKXICE's original list among them.
Access will initially be limited to eligible U.S. OKX customers who have completed onboarding, with the tokens held in their own self-custodial wallets, both outlets reported.
Updates
- Update, : Update (Nov. 11): Decrypt and Bitcoin Magazine also reported the Nov. 23 launch with more than 70 assets after 67 companies objected; Bitcoin Magazine named Tesla, Apple, Meta and Netflix among the objectors.
- Update, : Update (Nov. 11): Cointelegraph said the Nov. 23 debut puts the SEC's new exemption to the test, as Nasdaq pursues its own tokenized stock plans after warning that trading across platforms could fragment liquidity.
Key facts
- CoinDesk: trading will run through Uniswap v4 liquidity pools on X Layer, OKX's Ethereum layer-2 network, with Securitize providing the tokenization infrastructure.
- CoinDesk: the tokens represent security entitlements to the underlying shares and preserve dividends, voting and participation in corporate actions; OKXICE said it will not hold customers' assets or private keys.
- CoinDesk: the lineup also includes BitGo, Securitize and Better.com, and Strategy will list both its common and preferred stock.
- CoinDesk: OKXICE will be the second venue to launch under the innovation exemption, after a Canton-based venue earlier this month.
- The Block: Nasdaq Chief Legal and Regulatory Officer John Zecca wrote in Barron's on Tuesday that Nasdaq plans to opt its own stock out of tokenized securities venues, warning the exemption lets trading happen outside the National Market System.
- OKXICE co-chair Andrew Cuomo, quoted by The Block: "The future of finance is onchain, and we have an opportunity to build it here in America."
- The outlets word the count differently: CoinDesk said more than 70 assets including the 59 Direxion ETFs, while The Block said 70 assets from issuers "as well as 59 exchange-traded funds."
- Bitcoin Magazine: the companies that objected include Tesla, Apple, Meta and Netflix.
- Cointelegraph: Nasdaq is pursuing its own tokenized stock plans after warning that trading across platforms could fragment liquidity.