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NYSE owner establishes strategic alliance with OKX exchange for tokenized equities and cryptocurrency futures.
ICE has also executed a strategic investment in OKX, valuing the company at $25 billion.
NYSE flags (David Jones/Unsplash/Modified by CoinDesk)
Key points to note:
- ICE will utilize OKX’s spot crypto pricing to introduce crypto futures products, while OKX will provide ICE futures and tokenized equities to its U.S. clientele.
- ICE will secure a position on OKX’s board of directors and initiate a comprehensive partnership to capitalize on OKX’s blockchain capabilities together with ICE’s market technology.
Intercontinental Exchange (ICE), a major player in global trading, has entered into a strategic alliance with cryptocurrency exchange OKX to roll out new tokenized stock offerings and crypto futures products.
ICE also executed a strategic investment in OKX, marking a valuation of $25 billion, per a press statement. The specifics of the investment were not made public.
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The agreement entails that the owner of the New York Stock Exchange will license OKX’s spot crypto prices for the development of crypto futures products, and in return, OKX will provide ICE futures and tokenized stocks, as announced by the companies on Thursday.
In conjunction with the investment, ICE will obtain a board seat on OKX’s board of directors and will forge a broad partnership to leverage OKX’s blockchain infrastructure alongside ICE’s market technology, according to the release.
The collaborative effort will also focus on advancing clearing and risk management services, multi-chain custody, and wallet solutions, as stated by the companies.
“Our strategic partnership with OKX will enhance global retail access to ICE’s leading regulated markets and expedite our initiatives to deliver on-chain infrastructure and tokenized assets to U.S. investors,” remarked Jeffrey C. Sprecher, ICE chair and CEO.
This collaboration unites the operators of two high-performance matching engines and transparent order books, noted Star Xu, founder and CEO of OKX, “to contribute to the establishment of a more reliable market framework that connects digital assets and equities, enhances cross-market price formation, and aligns with institutional requirements for risk and compliance.”
Haider Rafique, global managing director at OKX, who played a significant role in finalizing the agreement with ICE, conveyed via email: “This collaboration is remarkably distinctive. We are thrilled about the new prospects and products that will emerge through our partnership with such a reputable and focused collaborator.”
