Intercontinental Exchange, which owns the New York Stock Exchange, and crypto exchange OKX announced Monday they are forming a 50-50 joint venture to tokenize NYSE-listed equities. Former New York Governor Andrew Cuomo will serve as co-chair of the venture.
The partnership pairs traditional exchange infrastructure with a major crypto platform. ICE operates the world's largest derivatives marketplace and runs Bakkt, its digital assets custody and trading venue. OKX ranks among the largest crypto exchanges by volume.
Tokenized equities allow stocks to settle on blockchain rails instead of through the traditional clearinghouse system, potentially speeding settlement from T+2 (two business days) to near-instant. Custody, collateral, and regulatory approval remain open questions. The venture will need to navigate SEC oversight and Depository Trust & Clearing Corporation rules, though neither company has detailed those requirements publicly.
Cuomo's appointment signals a play for political and regulatory credibility in New York, home to both the NYSE and the state's Department of Financial Services. His involvement in crypto ventures carries mixed signals: he left office in 2018 and faced separate ethics investigations unrelated to crypto, and his track record in emerging fintech does not appear extensive.
The venture announcement includes no disclosed timeline, venue name, or specification of which equities will launch first. OKX itself faces regulatory scrutiny: the U.S. Treasury sanctioned the exchange's founder, Changpeng Zhao's former exchange Binance, for sanctions violations in 2023, though OKX operates separately. A broader question remains whether traditional market participants and regulators will adopt blockchain settlement for equities, or whether the venture becomes a niche on-chain trading venue.
ICE and OKX have not announced additional funding, technical partners, or a launch date.