Ava Labs said Monday that Avalanche will provide ledger technology for clearing and settlement at a planned New York Stock Exchange (NYSE)-affiliated securities venue, which remains subject to regulatory approval.
The planned ledger would keep records of tokenized-securities transactions and support their settlement. NYSE Head of Digital Issuance Dennis Lee said the venue needs reliable operation, costs users can predict and a way to manage participation.
The New York Stock Exchange, part of Intercontinental Exchange Inc. (ICE), announced in January that it was developing the venue. NYSE said subscribers would be able to trade tokenized U.S. stocks and exchange-traded funds around the clock, with the platform also handling clearing and settlement.
ICE has said the wider effort is intended to support trading and funding beyond traditional market hours. The proposal remains subject to regulatory approval, with no approval date announced.
In a September interview with The Block, Ava Labs President Charley Cooper discussed an NYSE evaluation of Avalanche that had lasted about a year. He did not say the exchange had chosen a blockchain for the platform. Ava Labs said earlier blockchain work in capital markets often centered on individual products or pilot projects.