OKX-ICE Tokenized Stock Venue to Launch Nov. 23 After Big Tech Opts Out

OKX and Intercontinental Exchange's joint tokenized securities venue is scheduled to open on November 23, according to Decrypt. The platform will let eligible U.S. customers trade tokenized versions of company shares continuously through the OKX app, with more than 70 assets expected to be listed at launch.

The roster looks different from what the venue originally anticipated. As of a November 5 notice cited by Decrypt, 67 companies had objected to having their shares tokenized on the platform, including every member of the so-called Magnificent Seven tech giants. Coinbase, Robinhood and Strategy were notably absent from that objection list; Decrypt reports all three are now among the issuers set to launch on the venue. The listings will also include 59 exchange-traded funds from Direxion, alongside entries tied to Securitize and Better.com.

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The venue operates under what Decrypt describes as an SEC innovation exemption, which permits companies to block third-party tokenized trading of their stock on a given platform by filing an objection within 30 days. Each tokenized share is structured as an entitlement backed one-for-one by a real underlying U.S. share, according to the report. Decrypt also noted that market-maker liquidity pools for the venue are built on Uniswap's latest version on X Layer, described as OKX's Ethereum-based blockchain network. Former New York Governor Andrew Cuomo co-chairs OKX-ICE, the joint venture behind the platform, per Decrypt's reporting. Details on which additional companies make up the full list of launch assets, and whether further Strategy-linked instruments will be included, remain unconfirmed.