Robinhood joins five crypto firms in backing OKX and ICE tokenised stock plan
Fifty-six of the 62 companies selected for the new trading platform have filed formal objections, leaving only firms with close ties to the digital asset industry in support.
Key takeaways
- 1Robinhood, Coinbase, and Circle are among the six firms supporting the OKXICE plan.
- 2Fifty-six out of 62 selected companies have filed formal objections to the tokenisation project.
- 3The platform is a joint venture between OKX and NYSE parent Intercontinental Exchange.
Robinhood confirmed on 10 November it does not object to its shares trading on OKXICE, a planned tokenised stock platform from crypto exchange OKX and Intercontinental Exchange. The brokerage joins five other companies that have not filed objections to the proposal. Of the 62 firms initially selected for the project, 56 have filed formal opposition to having their shares traded as tokens on the exchange.
The six remaining companies without publicly disclosed opposition are all closely linked to the crypto industry. They include Robinhood, Securitize, BitGo, Circle, Coinbase, and Strategy. This group represents less than 10 per cent of the total pool of companies OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, intended to list.
OKXICE aims to bring traditional equities into a digital format using the Avalanche network for settlement. The New York Stock Exchange selected Avalanche for this purpose on 9 November, preferring it over Ethereum and Solana. The platform is scheduled to launch by the end of 2026, though it remains subject to approval from the US Securities and Exchange Commission.
The widespread rejection by traditional firms suggests significant caution among public companies regarding secondary trading on crypto-native platforms. While crypto-linked firms have embraced the plan, the platform may struggle to gain broad market depth without the cooperation of the other 56 issuers. Observers will watch whether the SEC grants regulatory clearance for tokenised trading without the explicit consent of the underlying companies.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.