Ava Labs said Avalanche will provide the core ledger for the clearing firm of NYSE's planned tokenized stock venue, designed for 24/7 trading and settlement.
Key Facts
Avalanche will provide the core ledger technology for the clearing firm of an upcoming NYSE-affiliated tokenized securities platform, Ava Labs said.
Subject to regulatory approvals, the platform is designed to allow 24/7 trading, clearing and settlement for its subscribers.
NYSE's head of digital issuance said the platform will support equities listed on a range of blockchains and that Avalanche meets its needs for a ledger that records and settles trades.
Avalanche (AVAX) will provide the core ledger technology for the clearing firm of an upcoming tokenized securities platform affiliated with the New York Stock Exchange, Ava Labs said on Monday.
NYSE has previously said an affiliate is developing a new digital platform, which Ava Labs described as an alternative trading system, for trading and onchain settlement of tokenized securities. Subject to regulatory approvals, the platform is designed to allow 24/7 trading, clearing and settlement for its subscribers, according to Ava Labs.
"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," Dennis Lee, NYSE's head of digital issuance, said in the announcement.
Avalanche will provide the ledger for the clearing firm of NYSE's planned tokenized securities platform. Source: CoinMarketCap
Why NYSE Says Avalanche Fits
Lee said the ledger also needs to "let us control who can take part, keep costs predictable, and have a large community of developers behind it," adding: "Avalanche meets all those needs."
Ava Labs CEO and founder Emin Gün Sirer said the setup will support the platform's "24/7 atomic settlement needs" with dedicated infrastructure offering predictable performance and costs, as well as the control to meet its regulatory and operational requirements.
Blockchain work in capital markets has largely centered on individual products such as tokenized funds, limited pilots and single issuances, Ava Labs said. The company said organizations building on Avalanche include JPMorgan Chase, Apollo, FIFA and the state of Wyoming.
NYSE's Tokenized Platform Takes Shape
The announcement adds a settlement network to NYSE's pending tokenized stocks venue. Broadridge and NYSE said this month that Broadridge will bring on-chain governance and digital transfer agency services to the platform, and in September NYSE signed a memorandum of understanding to give Blockchain.com users access to tokenized US stocks through it.
Ava Labs did not say when the platform would launch.
AVAX traded at $8.70, up 6.8% over 24 hours, according to CoinMarketCap data.
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