NYSE Transforms into Crypto: 24/7 Trading Platform and $200 Million OKX Investment
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Summary
BroadChain learned that at 11:16 on April 18, according to PANews, the 233-year-old New York Stock Exchange is fully committing to the crypto space, planning to build a 7×24 trading platform for blockchain-based securities. Michael Blaugrund, Vice President of Strategy at its parent company Intercontinental Exchange (ICE), stated that exchanges are ushering in a new wave from electronification to digitization and foresee blockchain becoming a crucial carrier for their core businesses such as trading, clearing, and settlement. Driven by ICE founder and CEO Jeffrey Sprecher, the NYSE invested approximately $200 million in cryptocurrency exchange OKX in March this year, valuing the latter at
BroadChain has learned that at 11:16 on April 18, according to PANews, the 233-year-old New York Stock Exchange is fully diving into the crypto space, planning to build a 7×24 trading platform for blockchain-based securities. Michael Blaugrund, Vice President of Strategy at its parent company Intercontinental Exchange (ICE), stated that the exchange is ushering in a new wave of transformation from electronic to digital, and foresees blockchain becoming a crucial carrier for its core businesses such as trading, clearing, and settlement. Driven by ICE founder and CEO Jeffrey Sprecher, the NYSE invested approximately $2 billion in cryptocurrency exchange OKX in March this year, valuing the latter at $25 billion. Later this year, ICE will adopt OKX's spot price data and launch regulated futures contracts. Upon approval, OKX's over 120 million users will gain access to ICE's U.S. futures and the NYSE's tokenized stock trading. The NYSE recently partnered with Securitize to develop a tokenized securities platform supporting round-the-clock trading and instant settlement. Additionally, in October last year, ICE agreed to invest up to $20 billion in blockchain prediction market exchange Polymarket, pushing its valuation to $9 billion. The NYSE's crypto endeavors have also faced setbacks; its earlier launched platform Bakkt experienced business model fluctuations, and ICE has written down its stake in it by over $1 billion. The stock received a delisting warning in 2024.