The New York Stock Exchange has spent a year testing Avalanche's tokenization features

The New York Stock Exchange Tests Avalanche for Tokenization

Initially developed for and within DeFi, the principle of tokenization seems poised to revolutionize traditional finance with a booming market - currently estimated at $38.5 billion - which notably involves Treasury bonds, the commodities market, tokenized stocks, and other Real World Assets (RWA).

A race in which many blockchains are currently trying to find their place - facing Ethereum's significant market share estimated at over 40% on the site RWA.xyz - such as Avalanche, which recently announced its integration into South Korea's financial market tokenization strategy.

🔍 To learn more - Everything you need to know about tokenized stocks

Blockchain Rankings in the RWA Sector

Institutional ambitions seem to continue, according to recent statements by Ava Labs President Charley Cooper regarding a "close working relationship" with the New York Stock Exchange (NYSE) over the past year to test Avalanche technology and its potential integration into the systems of this stock market giant.

This revelation was made to a journalist from the crypto media The Block during the last Avalanche Summit, held in New York on September 16 and 17, which would involve both an assessment of the economic and technological aspects of the Avalanche blockchain, without, however, validating a choice already made by ICE, the parent company of the NYSE.

AVAX Up 53% Over the Last 7 Days

In the context of these statements, Charley Cooper does clarify that he "leaves it to the NYSE teams to publicly communicate on the progress of this ongoing process".

A confirmation that could come from Michael Blaugrund, head of strategic initiatives at ICE, who was also present on stage at the Avalanche Summit alongside the president of Ava Labs to discuss his company's on-chain projects. Indeed, he stated that the stock giant was "very engaged" with the Avalanche teams in evaluating the various available blockchain platforms, and that this project "checks a lot of boxes" related to its expectations in the field.

📰 Nasdaq invests $100 million in Kraken's parent company

Should we see this rapprochement as a direct link to the project of developing a platform for on-chain trading and settlement of U.S. stocks and tokenized Exchange-Traded Funds (ETFs) officially announced by the NYSE last January? Nothing confirms this, even if Charley Cooper asserts that some stock exchanges will begin offering trading operations open 24 hours a day during the week within a year at most.

An announcement that undoubtedly contributes to the current bullish momentum of the cryptocurrency AVAX, positioned in the top 5 best performers in the sector with a 53% increase over the last 7 days... and nearly 20% over the last 24 hours.

The AVAX Cryptocurrency Soars

Source: The Block

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.