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OKX-ICE Tokenized Stock Venue Sets Launch, Turning to Crypto Companies After Big Tech Opts Out
OKX and Intercontinental Exchange’s joint venture, OKXICE, plans to open a tokenised securities venue on 23 November, allowing eligible US customers to trade around the clock through the OKX app. Its launch with more than 70 expected assets, including shares in crypto-related public companies, shows how the venue is turning to willing issuers after many major companies rejected having their shares traded there.
The announced line-up includes Coinbase, Circle, Robinhood, Strategy, BitGo, Securitize and Better.com, as well as 59 Direxion exchange-traded funds; Strategy will also offer preferred stocks. Each token is intended to represent a one-for-one entitlement to a real US share, including associated shareholder benefits. Trading will use Uniswap v4 pools on OKX’s X Layer, with tokens held in self-custodial wallets, and access requires US eligibility, identity checks and onboarding. The venue operates under an SEC innovation exemption that lets companies object to third-party tokenised versions of their shares.
In short
- OKXICE plans to launch on 23 November.
- More than 70 assets are expected, including 59 ETFs.
- Major tech companies had objected to trading their shares on the venue.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Supporters could argue that round-the-clock trading and self-custody make US securities more accessible and give investors greater control over how they hold them. A one-for-one claim on real shares, with shareholder benefits and identity checks, could combine familiar protections with useful features of crypto markets.
The case against
Sceptics could argue that tokenised shares traded through crypto pools may add technical, custody and liquidity risks without giving investors the same practical rights or protections as holding shares through conventional markets. The fact that many major companies objected also raises questions about issuer consent and whether this model serves investors well when companies have limited control over third-party tokens.
Explained simply
Tokenised securities are digital tokens designed to represent ownership of traditional investments, such as company shares. In this case, the tokens are intended to correspond one for one with real US shares and their associated shareholder benefits, while trading takes place on a blockchain.
OKX is a cryptocurrency exchange, and Intercontinental Exchange is a financial markets company that owns the New York Stock Exchange. Their joint venture is seeking to connect share trading with crypto technology; its planned service is aimed at eligible US customers, who must complete identity checks.
The proposed line-up includes crypto-related companies such as Coinbase, Circle and Robinhood, alongside exchange-traded funds. The venue’s rules allow companies to object to third parties offering tokenised versions of their shares, so participation by willing issuers matters to what investors can trade there.