Key facts
- OKXICE said the venue will list more than 70 assets at launch, including tokenized shares of Coinbase, Circle and Robinhood.
- The initial lineup includes 59 Direxion ETFs, per OKXICE's company release.
- Trading will run through automated market maker liquidity pools on Uniswap v4 on X Layer, OKX's Ethereum Layer 2 network.
- Securitize will provide tokenization infrastructure, and each token will be backed 1:1 by the underlying share, OKXICE said.
- Customers will self-custody their tokens and must activate a CeDeFi wallet before trading, OKXICE said.
- More than a dozen major US companies objected to OKXICE offering tokenized versions of their shares, Reuters reported.
OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange, said on November 11 that it will launch a platform for round-the-clock trading in tokenized US securities on November 23. The venture filed with the SEC in October to launch the platform.
OKXICE said it would initially offer more than 70 assets, including tokenized shares of Coinbase, Circle and Robinhood, and 59 exchange-traded funds from Direxion. Strategy plans to list its preferred securities, such as STRC, on the platform, according to the company release. The launch follows objections from more than a dozen major US companies to OKXICE offering tokenized versions of their shares, Reuters reported.
Trading will take place through automated market maker liquidity pools on Uniswap v4 on X Layer, OKX's Ethereum Layer 2 network, the company said. Smart contracts will restrict trading to eligible wallets, and Securitize will supply the tokenization infrastructure. Each token will be backed 1:1 by the underlying share, with holders receiving dividends, voting rights and participation in corporate actions, OKXICE said. Customers will self-custody their tokens, and OKXICE said it will not have access to their private keys or shares; a CeDeFi wallet must be activated before trading.
OKXICE co-chair Andrew Cuomo said: "The SEC has created a real opening for American markets to lead the next era of finance." He added that the venue gives first movers the chance to bring securities onchain through a compliant venue built for 24/7 markets and real shareholder rights.
The SEC issued exemptions in September for platforms trading tokenized stocks that carry the same rights and privileges as the underlying securities, days after the US Senate failed to advance comprehensive cryptocurrency legislation. The report does not state the terms of those exemptions.