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AI summary of a third-party reportBullishNewsDesk

Avalanche's AVAX rises 10% after NYSE picks its blockchain for tokenised stocks

The New York Stock Exchange will use Avalanche's blockchain to record and settle trades on a planned platform for tokenised stocks, sending AVAX up as much as 10% on Monday.

Why it matters: The NYSE's choice gives Avalanche a role in Wall Street's push to settle stock trades on blockchains, a market the exchange says could trade around the clock.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: Avalanche's AVAX rises 10% after NYSE picks its blockchain for tokenised stocks
Image: Cointelegraph
Original reporting: Jona Jaupi, Cointelegraph

Key points

  • NYSE will use Avalanche to record trades and complete transactions on a platform that could launch before the end of 2026, pending regulatory approval, the Wall Street Journal reported.
  • Ava Labs said the exchange had spent about a year testing Avalanche before confirming the choice on Monday.

Avalanche's AVAX token gained as much as 10% on 9 November after the New York Stock Exchange said it would use the Avalanche blockchain to settle trades on a planned platform for tokenised stocks, Cointelegraph reports. The token later eased to $8.86, still up more than 8% on the day, according to CoinGecko data at 03:22 p.m. UTC.

Dennis Lee, the exchange's head of digital issuance, said the ledger needs to be fast, reliable, permissioned and cheap to run, and that Avalanche meets those needs.

AVAX's market cap stood at about $3.95bn, with $440m traded over the past day, while Avalanche's total value locked reached $633m, up 4% in 24 hours, according to DefiLlama.

The deal comes as Wall Street firms push further into blockchain-based stock trading.

Read the full story on Cointelegraph

Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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