Solana co-founder says firms opposing stock tokenisation should go private
Anatoly Yakovenko criticised US companies for resisting plans by OKX and the Intercontinental Exchange to bring equities onto the blockchain.
Key takeaways
- 1Solana co-founder Anatoly Yakovenko said companies opposing tokenisation should delist from public markets.
- 2The comments target resistance to a planned stock tokenisation exchange by OKX and ICE.
- 3Solana's SOL token held a market value of $59.5bn at a price of $100.85 on Wednesday.
Solana co-founder Anatoly Yakovenko said on Wednesday that publicly traded US companies should go private if they oppose stock tokenisation. His comments followed reports that some firms are resisting a planned exchange from OKX and the Intercontinental Exchange (ICE). Degen News reported the remarks on 28 October.
Yakovenko, who uses the name Toly, argued that companies already listed on public markets should not block technologies that move shares onto digital ledgers. The proposed venture between crypto exchange OKX and ICE, which owns the New York Stock Exchange, aims to move traditional shares into a blockchain format. Yakovenko suggested that firms unwilling to adapt to these systems do not belong on public boards.
Solana is a high-speed blockchain used for decentralised finance and asset tokenisation. The SOL token traded at $100.85 with a market value of $59.5bn at the time of the comments, according to YourKhabri data. It remains the seventh-largest digital asset by market capitalisation and has seen no price change over the last 24 hours.
The Intercontinental Exchange has not yet released a list of companies opposing the venture. Future developments will depend on how US regulators view the trading of tokenised securities on a platform linked to a major crypto exchange. Markets will watch for formal responses from ICE regarding the timeline for its partnership with OKX.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.