Intercontinental Exchange (ICE) and cryptocurrency exchange OKX have formalized a joint venture aimed at developing infrastructure for tokenized and digitally native financial products. This collaboration builds on previous engagements between the two firms, solidified when ICE acquired a minority stake in OKX in March, valuing the crypto exchange at approximately $25 billion. The investment amounted to around $200 million and secured ICE a seat on OKX’s board.
Under the joint venture agreement, ICE will leverage OKX price data for U.S.-regulated cryptocurrency futures, while OKX is poised to distribute futures and tokenized equities tied to stocks listed on the New York Stock Exchange (NYSE) to its global user base. In a notable leadership development, Andrew Cuomo, a former New York governor, will co-chair the venture alongside executives from ICE. Cuomo, who started his association with OKX in 2023, expressed confidence in the partnership, emphasizing that the future of financial markets will hinge on the harmonious advancement of innovation and government regulation.
Cuomo highlighted the synergy between OKX’s blockchain technology and ICE’s established market infrastructure, expressing personal enthusiasm for the transformative potential of blockchain in promoting financial inclusion. He sees the collaboration as a pivotal move toward introducing innovations that resonate with regulatory standards.
The joint venture is currently awaiting regulatory approvals and is anticipated to function as a U.S.-registered broker-dealer and futures commission merchant. This structure is designed to provide OKX customers with access to ICE’s futures products and NYSE-linked tokenized equities. The partnership is structured as a 50-50 venture, which will also explore other blockchain-based markets that align with regulatory requirements.
Trabue Bland, Senior Vice President of Futures Exchanges at ICE, stated that the ICE-OKX collaboration marks a significant step toward constructing a resilient, innovative infrastructure to shape the operation of global markets in the coming decades. He underscored that ICE’s market infrastructure holds the trust of both institutional players and individual traders, with a goal to expand access to OKX’s retail user base.
