Cuomo-Led OKX-ICE Venture Targets Tokenized Stocks, Futures

Andrew Cuomo, the former New York governor, is leading a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, to build infrastructure for tokenized stocks and regulated crypto futures.

Subject to regulatory approvals, the venture plans to operate as a registered broker-dealer and a futures commission merchant. The goal is to let OKX's 120 million users access ICE futures and NYSE-listed securities in tokenized form, the statement said. It will also explore other opportunities for the regulatory-compliant blockchain-enabled market.

Cuomo began working with OKX in 2023. In March, ICE and OKX announced a partnership to introduce tokenized stocks and crypto futures products. ICE also made a strategic investment in the San Jose, California-based exchange at a $25 billion valuation, according to the statement.

ICE has a history of crypto bets. It backed Bakkt (BKKT) years ago and more recently invested $2 billion in prediction market Polymarket at a valuation of up to $10 billion.

The venture lands in a month when combined exchange volumes fell 3.45% to $4.41 trillion, the lowest since September 2024. Real-world asset perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Regulatory approval is the biggest uncertainty. The venture requires clearance from the SEC and CFTC, a process that could take months or years. If approval is delayed or denied, the $25 billion valuation ICE assigned to OKX in March could face pressure.

ICE carries an Alpha Score of 33 out of 100, classified as Weak by AlphaScala's proprietary model.

The venture is subject to regulatory approvals. No timeline has been set for a decision.