NYSE Goes All-In on Cryptocurrency, Launches 24/7 Trading Platform
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Summary
BroadChain learned that at 09:46 on April 20, according to PANews, the 233-year-old New York Stock Exchange is making a major push into digital assets, planning to build a 7×24 trading platform for blockchain-based securities. This marks a significant transformation driven by distributed ledger technology. Michael Blaugrund, Vice President of Strategy at ICE, the NYSE's parent company, stated that exchanges are entering a new wave of evolution from electronic to digital, and foresee blockchain becoming a crucial carrier for their core business. In action, ICE invested approximately $200 million in cryptocurrency exchange OKX in March this year, valuing the latter at $25 billion.
BroadChain BroadChain learned that at 09:46 on April 20, according to PANews, the 233-year-old New York Stock Exchange is making significant investments in digital assets, planning to build a 7×24 trading platform for blockchain-based securities. This marks a major transformation driven by distributed ledger technology. Michael Blaugrund, Vice President of Strategy at Intercontinental Exchange (ICE), the parent company of the NYSE, stated that exchanges are entering a new wave of transitioning from electronic to digital, and foresee blockchain becoming a crucial carrier for their core business. In action, ICE invested approximately $2 billion in cryptocurrency exchange OKX in March this year, valuing the latter at $25 billion. The two parties plan to collaborate, and pending regulatory approval, OKX will open ICE's U.S. futures and NYSE tokenized stock trading to over 120 million users. Additionally, the NYSE has partnered with Securitize to develop a tokenized securities platform supporting stablecoin trading and instant settlement. Its layout also extends to prediction markets, with ICE agreeing in October last year to invest up to $20 billion in blockchain prediction market Polymarket. Despite the recent weak performance of the crypto market, with Bitcoin's price falling from its October high of $126,273 to around $75,000, interest from Wall Street institutions remains undiminished, with Nasdaq, JPMorgan Chase, and others following suit. The NYSE's crypto investments have not all been successful; its early platform Bakkt underwent multiple transformations, and ICE has written down its stake by over $1 billion.