OKXICE, backed by one of the world’s biggest exchange operators, issued its initial public notice on Oct. 4, outlining plans to use Uniswap (UNI) liquidity pools on OKX’s XLayer blockchain, with transactions settled in stablecoins. Venues must notify issuers and give them 30 days to object before offering tokenized versions of their shares.
The venture’s original proposed trading roster covered 62 companies. Wells Fargo and ARM were not among them, while Cisco, Moderna, Intuit and Marvell were included.
That means the 22 objections cannot all be counted as departures from the original selection. Cerebras Systems, whose objection was disclosed earlier, was also outside that roster. An objection blocks trading on the notifying venue but does not establish opposition to every form of stock tokenization.
Companies take a wait-and-see approach
Andrew Cuomo, OKXICE’s co-chairman and former New York governor, said earlier this week that such responses were expected.
“We always anticipated that, because this is such a dramatic and revolutionary change, many companies would want to wait and see how it goes rather than be the first to participate,” Cuomo said during a Monday press call.
Limits on participating companies and trading volumes make the framework “a sandbox — a model demonstration,” he said.
Be the first to comment