OKX and ICE Joint Venture Targets 24/7 Market for Tokenized U.S. Equities

OKXICE, a 50-50 partnership between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has notified the U.S. Securities and Exchange Commission (SEC) that it plans to establish a venue for trading tokenized U.S. equities.

The proposed platform would operate under the SEC’s new Innovation Exemption and could allow blockchain-based versions of U.S. stocks to trade 24 hours a day, seven days a week. Former New York Gov. Andrew Cuomo, co-chair of OKXICE, announced the plans on X.

The venue is expected to initially support tokenized shares from more than 60 companies listed on U.S. stock exchanges.

Cuomo said the partnership brings together ICE’s traditional-market infrastructure and OKX’s digital-asset expertise. He told CoinDesk that the venture intends to explore whether continuous onchain markets can improve trading and settlement efficiency while making U.S. equities more accessible to investors worldwide.

Tokenized stocks are blockchain-based representations of conventional shares. Their structure allows them to potentially trade outside regular stock-market hours and enables settlement through blockchain infrastructure rather than traditional systems.

The proposal follows the SEC’s Sept. 17 introduction of an “Innovation Exemption,” a temporary five-year framework for qualifying venues. The rule allows eligible platforms to use automated market makers and liquidity pools when trading tokenized U.S. stocks.

The framework also requires tokenized shares to preserve the rights attached to the underlying securities, including dividends and voting. Companies whose shares are selected for tokenization receive 30 days to object.

OKX and ICE launched their 50-50 joint venture in June to build infrastructure for tokenized financial products.

ICE’s participation highlights the growing connection between digital assets and established financial markets. Crypto exchanges have offered tokenized U.S. stocks for some time, but these products have primarily been available to investors outside the United States.

OKX currently lists more than 70 tokenized stock tickers through offshore arrangements, which means U.S. investors cannot purchase them. The overall market has grown to around $3.2 billion, rising 15% in the past month, according to RWA.xyz.

The OKXICE proposal would shift that activity into a regulated U.S. setting, with tokenized shares designed to provide the same dividend and voting rights as traditional stock.

The launch timeline remains uncertain and will depend on the 30-day objection period and other regulatory requirements. Cuomo indicated the project is still at an early stage, saying, “And we’re just getting started.”