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Blockchain · Crypto Partnerships · Financial Markets · Tokenized Equities
Nasdaq and Intercontinental Exchange (ICE), owner of the New York Stock Exchange, are partnering with crypto exchanges Kraken and OKX to tokenize the $126 trillion global equity market on blockchain infrastructure, aiming for an "everything exchange." These strategic alliances, including Nasdaq's collaboration with Payward (Kraken's parent) for a 2027 launch and ICE's investment in OKX at a $25 billion valuation, signal a profound shift in financial markets.
The goal is to create a unified, always-on marketplace where all asset classes trade and settle as tokens on shared blockchain rails. This move follows a January 2026 SEC Staff Statement clarifying that tokenized equities hold the same legal weight as traditional shares, providing regulatory clarity for Wall Street incumbents.
While tokenized equities currently represent only $1 billion, Boston Consulting Group and Ripple project the broader tokenized asset market to reach $18.9 trillion by 2033, growing 53% annually. Experts like Antoine Scalia of Cryptio and Yuki Yuminaga of Tenbin Labs emphasize the benefits of continuous price discovery, enhanced liquidity, reduced volatility, and efficient DeFi lending.
The dynamic between traditional and crypto exchanges is a "frenemy" relationship, as both seek access to each other's user bases and distribution networks.
