NYSE selects Avalanche for planned tokenized-stock platform

The New York Stock Exchange has selected Avalanche technology to support the ledger for a planned tokenized-equities trading platform, a move that sent the AVAX token higher during Monday’s session. The platform is intended to record trades and help clear and settle them, but its launch depends on regulatory approval.

AVAX rose as much as 10% during the session after the announcement. It was later trading around $8.86, up more than 8% on the day, in a market-data snapshot at 3:22 p.m. UTC. The reported figures describe an intraday peak and a later price, not a closing value.

The NYSE plans to combine its existing trade-matching technology with blockchain infrastructure. The platform is intended to let investors buy and sell tokenized versions of stocks that may exist on different blockchain networks, while Avalanche would provide the ledger for recording and supporting transactions. The exchange has described operational requirements including reliability, controlled participation and predictable costs as relevant to its selection.

Ava Labs chief business officer John Nahas said the project will use a customized native chain based on Avalanche technology, rather than the public...