NYSE Picks Avalanche to Settle Tokenized Stock Trades on Planned 24/7 Venue
The New York Stock Exchange has chosen Avalanche (AVAX) to settle trades on its planned 24/7 tokenized securities platform, with the exchange using no other blockchain for that purpose.
NYSE will use Avalanche exclusively for settlement on its planned 24/7 tokenized securities platform, while stocks can be listed on various blockchains. The exchange's existing technology will match orders, with Avalanche settling each trade instantly.
Fourth Quarter Launch
The platform is targeting a fourth-quarter launch, pending regulatory approval. NYSE emphasized selecting the right technology for each function of the digital trading system.
The upcoming digital trading platform will support equities listed on a range of blockchains, though the ledger that records and settles trades needs to be fast and reliable, let us control who can take part, keep costs predictable, and have a large community of developers behind it. Avalanche meets all those needs.
Six Transfer Agents Signed On
NYSE named Securitize its first digital transfer agent in March, with tZERO also signing on. Four additional transfer agents joined earlier this month: Broadridge Financial Solutions, Computershare, Equiniti and Superstate.
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