Intercontinental Exchange (ICE) and OKX announced today a 50/50 joint venture to connect traditional market infrastructure with the global crypto trading ecosystem. The new entity, pending regulatory approvals, will operate as a U.S.-registered broker-dealer and futures commission merchant (FCM). It's designed to give OKX's 120 million customers access to ICE futures markets and NYSE tokenized equities, creating one of the largest compliant on-ramps to bitcoin exposure ever built.
Inside the deal
The joint venture will be co-chaired by ICE and former New York Governor Andrew Cuomo, who has worked with OKX since 2023. The structure is a 50/50 split, with both sides contributing assets and expertise. ICE made a strategic investment in OKX in March at a $25 billion valuation and took a board seat — that move directly led to this deeper partnership.
OKX brings its global user base and licenses across the U.S., UAE, European Economic Area, Singapore, and Australia. ICE brings its clearing and settlement infrastructure, including ICE Clear Credit and ICE Clear Europe, plus its existing experience running Bakkt and bitcoin futures markets.
Regulatory footprint
The joint venture is explicitly designed as a regulated bridge. By registering as a broker-dealer and FCM in the U.S., it aims to offer institutional-grade access to crypto products under existing securities and derivatives laws. ICE already operates Bakkt, which has been a test case for compliant bitcoin futures, but this JV goes further — it plans to explore tokenized bonds, commodities, and other asset classes.
OKX's multi-jurisdiction licensing means customers outside the U.S. may also get tailored access. The announcement mentions 'adjacent opportunities for regulatory-compliant blockchain-enabled markets,' though specific products are still under wraps.
The joint venture is subject to regulatory approvals — no timeline has been given. The partnership positions both firms to capture demand from traditional investors wanting crypto exposure and crypto natives seeking regulated markets. How quickly regulators sign off is unclear, but the deliberate compliance-first structure suggests a long-term play rather than a quick rollout.
For now, the JV's next concrete step is filing for the necessary approvals in the U.S. Until then, the scope of tokenized products remains in planning.
