Nvidia, Tesla Shares Head for 24/7 Onchain Trading Under OKX and NYSE Owner’s Venture
OKXICE, the 50-50 joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE), has published a notice of its plan to run a tokenized stock venue that trades 24 hours a day, seven days a week, under the SEC’s new innovation exemption.
The notice, dated Oct. 4, lists 63 stock tokens the venue will offer, including Nvidia, Tesla, Apple, Microsoft, Amazon, JPMorgan and Goldman Sachs, along with crypto-linked companies Coinbase, Strategy, Circle and Robinhood. Each token will trade against one of three stablecoins: USDC, USDG or USDT.
Former New York Gov. Andrew Cuomo, who co-chairs the venture, announced the filing on X on Sunday night, calling it “a landmark step toward a truly global, 24/7 Wall Street” and adding that “Tokenized securities are part of what comes next.”
Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.
How the Venue Works
Trades will run through permissioned Uniswap v4 liquidity pools on X Layer, OKX’s public blockchain. Prices come from each pool’s automated market maker formula, with no order book and no external price feed inside the smart contracts. Only wallets holding a non-transferable “soulbound token” can trade or supply liquidity, and that token is issued after identity, anti-money-laundering, sanctions and wallet checks run by an OKX affiliate, and approval by the tokenizer. Users keep the tokens in their own wallets, and each trade settles onchain when it executes.
The tokens listed so far come from a third-party tokenizer, which the notice does not name, that holds the underlying shares one-for-one through an SEC-registered broker-dealer. Holders get the same dividends and voting rights as ordinary shareholders. Trading in a token stops whenever its underlying stock is halted on its listing exchange.
Limits on the Exemption
The SEC granted the five-year exemption on Sept. 17. It caps how much a venue can trade. For stocks in Tier 1 of the Limit Up-Limit Down volatility plan, a venue may offer at most 75 symbols and trade no more than 0.25% of a stock’s prior-month average daily volume, according to the notice. A venue must also notify a company at least 30 days before trading its shares, and the company can object.
One already has. OKXICE said it received an objection from Cerebras Systems, which is not on its list. The notice does not give a launch date.
ICE and OKX unveiled the venture in June, following ICE’s March investment in OKX that valued the crypto exchange at $25 billion.
Related Listen: How Tokenized Stocks Could Undercut Interactive Brokers’ 77% Profit Margin