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NYSE picks Avalanche as the settlement ledger for its planned 24/7 tokenized stock market
Summary
The New York Stock Exchange has selected Avalanche to provide the ledger for clearing and settling trades on its planned tokenized securities platform, according to a Monday announcement reported by CoinDesk and The Block.
The NYSE-affiliated venue aims to offer round-the-clock trading and settlement pending regulatory approval, and will support stocks issued on multiple blockchains while using Avalanche to record and settle trades, both outlets said.
The Block, citing The Wall Street Journal, said the platform is targeting a fourth-quarter launch and will use NYSE's existing technology to match trades; CoinDesk said it pairs NYSE's Pillar trading engine with blockchain clearing, settlement and custody.
CoinDesk reported AVAX was up 8% over 24 hours on the news, as Nasdaq and DTCC build their own tokenization infrastructure.
Updates
- Update, : Update (Nov. 9): Cointelegraph reported AVAX rose as much as 10% after the NYSE picked Avalanche, leading crypto gains.
Key facts
- CoinDesk: Avalanche will provide the ledger technology to the clearing firm supporting the upcoming NYSE-affiliated alternative trading system, according to a Monday press release.
- CoinDesk: NYSE head of digital issuance Dennis Lee said, “we're picking the right technology for each job,” and that the exchange needed a ledger that is fast, keeps costs predictable and controls who can participate.
- The Block: Ava Labs CEO Emin Gün Sirer said Avalanche will support the platform's “24/7 atomic settlement needs with dedicated infrastructure with predictable performance and costs.”
- The Block: the selection follows about a year of testing, and the platform is targeting a fourth-quarter launch, according to The Wall Street Journal.
- Both outlets: NYSE last week added Broadridge, Computershare, Equiniti and Superstate as partners, alongside existing partners Securitize and tZERO.
- CoinDesk: AVAX rallied on the news and was up 8% in the past 24 hours.
- CoinDesk: the venue is separate from OKXICE, the joint venture of OKX and NYSE parent ICE that plans to trade tokenized stocks under the SEC's innovation exemption.
- Ava Labs said Avalanche will serve as the "core ledger technology" for the clearing firm behind the NYSE-affiliated venue.
- Cointelegraph: Avalanche's AVAX token rose as much as 10% after the NYSE selected its blockchain for settlement on the planned tokenized stock platform.