The NYSE will utilize the Avalanche blockchain to clear and settle trades on its planned tokenized securities platform, driving an 8% rally in the AVAX token as the exchange competes with Nasdaq and DTCC in the race for onchain equity infrastructure.
The NYSE will use Avalanche as the core ledger for clearing and settling trades on its planned tokenized stock ATS, pending regulatory approval. This is a landmark institutional adoption for AVAX and the token already rallied 8% in the past 24 hours on the news. Approval risk and the fact that issued stocks may live on other chains are the main caveats.
The New York Stock Exchange has selected the Avalanche network to serve as the core settlement ledger for its upcoming tokenized securities platform. The project aims to facilitate 24/7 trading and instant settlement, pending regulatory approval. Following the announcement, the AVAX token rallied 8% over the past 24 hours as the exchange moves to integrate blockchain technology into its equity infrastructure.
The New York Stock Exchange announced it will use the Avalanche network as the core settlement ledger for its planned tokenized stock trading platform, and AVAX was up 8% in the past 24 hours on the news.
The venue's 24/7 trading and settlement plans are pending regulatory approval, and the platform is designed to support tokenized stocks issued on multiple blockchains, with Avalanche handling trade recording and settlement.