The NYSE announced a planned tokenized securities platform that will use Avalanche technology for clearing and settlement. The platform is not described as operating yet, and it will support equities issued on a variety of blockchains. Dennis Lee, the NYSE’s head of digital issuance, said its settlement ledger needed to control who can participate and keep costs predictable—requirements he said Avalanche met.
John Nahas of Ava Labs argued that financial institutions are moving away from general-purpose blockchains toward networks built for their needs. Separately, companies have objected to third parties tokenizing their shares for trading on OKXICE, a proposed venue involving OKX and NYSE parent ICE; OKXICE listed 67 objecting companies as of Nov. 5.
