ICE and OKX form JV to tokenize NYSE equities

Intercontinental Exchange and crypto exchange OKX announced on Monday they will create a joint venture, subject to regulatory approval, to build infrastructure for tokenized securities. If approved, the venture would allow OKX customers worldwide to trade tokenized versions of NYSE-listed equities and gain exposure to futures contracts offered by ICE.

The new entity will develop tokenization and other digital-asset products. The venture will be co-chaired by ICE and Andrew Cuomo, the former New York attorney general and governor, who has worked with OKX since 2023.

Trabue Bland, ICE’s senior vice president for futures exchanges, noted the venture is intended to expand ICE’s product reach to roughly 120 million retail traders on OKX and to support new market infrastructure over coming decades.

An OKX spokesperson indicated the effort will include tokenizing NYSE-listed equities. The firms did not disclose detailed technical plans, including which blockchain platforms they would use, or the specific tokenized products they plan to issue.

The announcement left open key operational questions. The companies did not provide details on custody and settlement arrangements, the exact regulatory framework that would govern trading, which jurisdictions the venture will prioritize, or a timeline for launching products.

ICE and OKX have increased commercial ties this year. ICE purchased a minority stake in OKX at a reported $25 billion valuation earlier in 2024, and the firms earlier introduced crypto-native perpetual futures for oil to non-U.S. customers.

Andrew Cuomo, who will co-chair the joint venture, wrote in a statement that “The next chapter of financial markets will be defined by how well innovation and government regulation can move forward together.” He added that he is “personally excited by the prospect of the societal impact that blockchain technology can lead to: the democratization of finance, bringing basic financial services to underserved populations.”

The venture must clear regulatory review before it can begin operations. The companies did not specify how access for U.S. customers would be handled given differing regulatory regimes.