Ava Labs president says NYSE spent a year testing Avalanche for tokenization plans

Ava Labs President Charley Cooper said the New York Stock Exchange spent the past year testing Avalanche technology for its tokenization plans. Cooper said NYSE worked with Ava Labs on how Avalanche could fit into the exchange's systems. NYSE questioned Ava Labs about the project's economics and technology. Cooper described the two sides as having a close working relationship. Cooper stopped short of saying NYSE had selected Avalanche for its planned tokenized-securities platform. ICE Head of Strategic Initiatives Michael Blaugrund said ICE was very engaged with the Avalanche team as it evaluated blockchain platforms. Blaugrund said Avalanche met many of ICE's requirements. NYSE announced in January that it was developing a platform for trading and onchain settlement of tokenized U.S. equities and exchange-traded funds. The platform remains subject to regulatory approval. The proposed system combines NYSE's Pillar matching engine with blockchain-based post-trade infrastructure. The system is intended to support multiple blockchains for settlement and custody. ICE agreed in August to work with tZERO on infrastructure for tokenized-securities markets. ICE named tZERO as a design partner for the planned NYSE-affiliated platform. The exchange operator has yet to name a blockchain for the platform. Cooper expects some venues to begin offering 24-hour weekday trading within a year. He said the SEC released an innovation exemption on Thursday that allows certain onchain trading of tokenized stocks. Cooper said smaller venues are making a compelling case for attracting liquidity.