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Avalanche Lands a Role in NYSE’s Planned Tokenized Stock Venue, Ava Labs Says
The blockchain will record and settle trades for the venue's unnamed clearing firm, and a statement from NYSE's Dennis Lee in the release says listed equities can come from several chains.
Brief
Ava Labs said Monday that the clearing firm for NYSE's upcoming tokenized equities platform will record its ledger on Avalanche. The platform is an alternative trading system, a regulated market built by an NYSE affiliate rather than a full exchange. Avalanche would provide the ledger foundations to the clearing firm, which remains unnamed, and the venue, pending regulatory approval, would offer round-the-clock trading, clearing and settlement. No launch date was provided. Dennis Lee, NYSE's head of digital issuance, said the exchange picks technology per task and the platform will cover shares on several blockchains. Lee said Avalanche meets needs for speed, operator control, steady costs and a big developer base. Ava Labs CEO Emin Gün Sirer said dedicated infrastructure would provide predictable performance and costs for the platform's 24/7 settlement.
Why it matters: It shows a major exchange operator selecting a specific blockchain for the ledger behind planned tokenized equities trading, a choice that shapes how such venues get built.
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Terms in this story
- Blockchain
- A shared, ordered record of transactions, grouped into blocks, that independent computers check against the same protocol rules.
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