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Blockchain.com and NYSE Target 24/7 Tokenized Stocks for 44 Million Crypto Accounts

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Cryptocoins News / CryptoNinjas 66 Views

Key Takeaways:

  • Blockchain.com made a deal with NYSE to test 24/7/365 access to tokenized U.S. stocks and ETFs.
  • Subject to regulatory approvals, the service will link Blockchain.com users with NYSE’s upcoming digital trading venue.
  • The partnership also establishes a two-way data market stream between the crypto and traditional finance sectors.

Blockchain.com and the NYSE are getting closer to a system where U.S. stocks are available on crypto infrastructure 24/7. No trading has been brought by the September 23 deal, but rather an approach for distributing tokenized NYSE-listed equities and ETFs to qualified holders around the globe.

NYSE Eyes 24/7 Tokenized Stock Access

Under the memorandum of understanding, Blockchain.com plans to connect its user base to the NYSE’s previously announced digital alternative trading system (ATS). The proposed venue is designed to support continuous trading and onchain settlement, creating a market structure that operates beyond traditional exchange hours.

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The key point rather is that it still is a scheduled service. NYSE’s digital ATS hasn’t been launched, and the Blockchain.com deal still needs necessary regulatory approvals. There hasn’t been a release date or a definitive list of stocks and ETFs supported by either company.

The idea would place traditional stocks in a much more real-time world that crypto has been using to trade in. Blockchain.com estimates the possible number of users could be in the tens of millions, and has confirmed over 44 million accounts so far.

Read More: Securitize Wins NYSE Approval for Public Market Debut

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SEC Opens a New Route for Tokenized Stocks

The timing coincides with a major U.S. regulations development. The SEC on September 17 granted a temporary, conditional exemption for Tokenized Securities Venues to trade tokenized NMS shares under limited conditions, under an “Innovation Exemption.” Framework says qualifying tokenized stocks must retain rights and privileges of underlying securities.

That is not to say the Blockchain.com-NYSE connection is already approved by the exemption. The two plans are distinct and, the proposed NYSE digital ATS, have yet to meet applicable conditions.

Crypto and Stock Data to Move in Both Directions

The partnership isn’t limited to tokenized securities. An affiliate of NYSE parent Intercontinental Exchange, ICE Data Services will be providing Blockchain.com crypto market data and analytics to its customers who have subscribed to them.

Blockchain.com will also integrate ICE and NYSE exchange data into its application, providing its users with real-time stock-market data. Some of those feeds will also be available until June thanks to the company’s AI-powered crypto assistant.

Now it allows for a 2-way flow: traditional players are now able to access crypto information, and crypto users are exposed to stock-market data more directly.

Blockchain.com Already Has a Tokenized Stock Track Record

The NYSE agreement follows Blockchain.com’s partnership with Ondo Finance. The company has already introduced access to tokenized U.S. stocks for qualified customers globally, such as Europe.

The new agreement comes with a distinct scope since it calls for a direct link of the proposed digital market infrastructure with NYSE. In short, if approved and implemented, it would bring tokenized equities closer to the main trading system of the behemoth U.S. exchange while retaining its distribution within a crypto-native platform.

Read More: Six Canadian Banks Explore Tokenized CAD Deposits

The post Blockchain.com and NYSE Target 24/7 Tokenized Stocks for 44 Million Crypto Accounts appeared first on CryptoNinjas.


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