Avalanche to power NYSE-backed 24/7 tokenised trading venue

Key points

• Ava Labs announced Avalanche will supply the backend for the NYSE's upcoming tokenised alternative trading system (ATS).
• NYSE, part of Intercontinental Exchange, hosts companies with a combined valuation above $30tn.
• ICE's Michael Blaugrund flagged Avalanche as a possible fit in September; NYSE unveiled the digital platform plan in January.

Ava Labs says the Avalanche network will provide the core infrastructure for a tokenised alternative trading system backed by the New York Stock Exchange, enabling round-the-clock trading of US securities. The NYSE, part of Intercontinental Exchange, is one of the world's largest exchanges, hosting companies with a collective valuation above $30tn.

Dennis Lee, NYSE's Head of Digital Issuance, said the ledger recording and settling trades must be fast, reliable, permissioned and predictable on cost, with a large developer community behind it. He said Avalanche meets those needs. Ava Labs founder and CEO Emin Gün Sirer said the setup would give the platform dedicated infrastructure for 24/7 atomic settlement, controls to meet regulatory and operational requirements, and access to wider liquidity.

The choice follows comments in September by Michael Blaugrund, ICE's Vice President of Strategic Initiatives, who said the exchange was examining whether Avalanche could be the solution as it moved towards a prospective launch of its regulated ATS. In January, the NYSE said it was building a digital platform for trading and onchain settlement of tokenised securities, pairing its Pillar matching engine with new blockchain infrastructure.

Avalanche said the deal shows blockchain moving from limited products and tokenised funds to the backend for issuing and settling such instruments.

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