Tokenized NYSE Access
Intercontinental Exchange and OKX Launch Joint Venture for Tokenized NYSE Access
Anonymous
Key Points
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ICE CEO Jeffrey C. Sprecher said the partnership is meant to expand global retail access to regulated markets, while OKX CEO Star Xu said the collaboration would enhance reliable financial systems worldwide.
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The joint venture was announced on June 22, 2026, and built on an earlier March 5, 2026 framework in which ICE invested about $200 million for a minority stake in OKX at roughly a $25 billion valuation (along with a board seat).
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Beyond the stated plans for clearing, risk management, and custody, the companies’ roadmap includes “multi-chain custody” as part of the infrastructure work.
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The ICE–OKX relationship already shows up in derivatives: in May 2026, OKX launched perpetual futures tied to ICE’s Brent and WTI crude oil benchmarks—an integration pattern the outlets suggest could extend to tokenized equities. Coverage also highlights potential end-user benefits for tokenized stocks such as near-instant settlement, 24/7 availability, and fractional ownership.
Intercontinental Exchange, the parent company of the New York Stock Exchange, has struck a 50-50 joint venture with crypto exchange OKX to let roughly 120 million OKX users trade tokenized NYSE stocks and ICE futures through a single regulated platform. The deal, announced June 22, 2026, will operate as a U.S.-registered broker-dealer and futures commission merchant, with trading access expected in the second half of 2026, pending regulatory approval. CoinDesk and Bitcoin.com both confirmed the structure of the agreement.
Former New York Governor Andrew Cuomo has been named co-chairman of the new entity. ICE CEO Jeffrey C. Sprecher said the venture will "expand global retail access to ICE's pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure." OKX CEO Star Xu called it proof that "the future of capital markets will not be built by crypto alone."
How a $200 Million Bet Grew Into a Full Partnership
ICE did not arrive at this deal overnight. On March 5, 2026, the company paid roughly $200 million for a minority stake in OKX at an implied valuation of $25 billion, and received a board seat. That investment set up a framework for deeper collaboration. Then in May 2026, the two companies launched perpetual futures tied to ICE's Brent and WTI crude oil benchmarks — the first real product to come out of the partnership, according to Seeking Alpha.
The June 22 joint venture is the next step. The new entity will build shared infrastructure covering clearing, risk management, custody, and what the companies call "multi-chain custody" — a system that can hold digital assets across multiple blockchains. ICE will also license OKX's spot price data to power ICE's own U.S.-regulated crypto futures products, per Bitcoin.com.
Tokenized Stocks Promise 24/7 Trading and Instant Settlement
Tokenized equities are digital versions of real stocks that live on a blockchain. For ordinary investors, the appeal is concrete. Instead of waiting the standard one or two business days for a trade to settle, tokenized stocks can settle almost instantly. They can also be traded any hour of any day — not just during NYSE market hours. And because they can be split into tiny fractions, a user can buy a sliver of a high-priced stock for just a few dollars, according to Value The Markets.
The total tokenized equity market was worth about $963 million as of January 2026, still small by Wall Street standards. But the ICE–OKX deal gives that market a significant boost. It connects blockchain-based trading to the most trusted equity exchange brand in the world. Analysts at Kavout note, however, that ICE's earlier digital asset venture Bakkt struggled to win retail users — a warning sign for the new entity.
OKX's $504 Million Guilty Plea Hangs Over the Deal
The partnership carries real legal baggage. In February 2025, OKX pleaded guilty in a New York federal court to running an unlicensed money-transmitting business. The company, operating as Aux Cayes Fintech, paid $504.4 million in penalties and forfeitures. It also agreed to outside compliance monitors through February 2027, according to Crypto Times.
Critics argue ICE is taking a significant reputational risk. Seeking Alpha and Reuters have both flagged the DOJ guilty plea as a "shaky" foundation for a flagship regulated venture. On the political side, Cuomo's appointment as co-chairman has drawn fire. During his failed 2025 New York City mayoral campaign, opponent Zohran Mamdani attacked his ties to the crypto industry as a conflict of interest given OKX's federal history.
New Regulations Cleared the Path for the 2026 Launch
The deal would have been much harder to execute just a year ago. In January 2026, the SEC confirmed that blockchain-represented securities fall under full federal oversight. Then in March 2026, SEC Chairman Paul Atkins and CFTC Chairman Michael Selig signed a joint agreement to harmonize crypto rules across both agencies. Atkins said the goal was to "draw clear lines in clear terms" — ending years of ambiguous enforcement that had chilled institutional investment.
That regulatory clarity made ICE and OKX's roadmap possible. The new broker-dealer and futures commission merchant structure fits neatly inside the updated framework. Broad institutional backing is also emerging: the venture is reportedly working with BNY and Citi to support tokenized deposit systems and liquidity infrastructure, signaling that major banks see on-chain NYSE access as a serious business, per CoinDesk.
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