OKX has appointed former New York Governor Andrew Cuomo to its board of directors. The crypto exchange also announced a 50-50 joint venture with Intercontinental Exchange (ICE) to tokenize NYSE-listed equities, a deal valued at $25 billion.
Cuomo's Appointment
Cuomo, a former New York governor, joins the board of OKX. The appointment comes as the exchange looks to strengthen its ties with traditional finance and regulatory circles. Cuomo's role on the board was not further detailed by the company.
The ICE-OKX Joint Venture
The joint venture between OKX and ICE is structured as a 50-50 partnership. Its goal is to create digital tokens representing shares of companies listed on the New York Stock Exchange. The venture carries a valuation of $25 billion, reflecting the scale of the ambition to bridge crypto and traditional equities.
Tokenizing NYSE-Listed Stocks
Tokenization involves issuing blockchain-based representations of real-world assets. In this case, the tokens will correspond to NYSE-listed equities, allowing investors to trade fractions of stocks on a distributed ledger. The venture will need to navigate securities laws and obtain regulatory clearances before any tokens can be offered to the public.
Neither OKX nor ICE has disclosed a timeline for the platform's launch. The companies have not specified which NYSE stocks will be tokenized first or how the tokens will be distributed.
