NYSE selects Avalanche for 24-7 tokenized stock trading platform

The New York Stock Exchange has selected Avalanche to settle trades on its new 24-7 tokenized stock trading platform. Bitwise Head of Research Ryan Rasmussen attributed the choice to Avalanche’s customizability, which allows for compliance controls and surveillance while utilizing public blockchain rails. He noted that Avalanche possesses a distinct business-oriented culture compared to other crypto foundations. The announcement caused Securitize stock to pump approximately 20% in a single day. Meanwhile, the AVAX token initially rose 20% on the news but fully retraced those gains. Bitwise CIO Matt Hogan argued that the deal is a massive win for Avalanche but does not significantly harm other ecosystems like Solana or Ethereum, as the market is large enough for multiple winners. He highlighted that tokenized trading volume is currently $30 billion compared to $300 trillion in traditional stock trading, indicating significant room for growth. Hogan advised investors to own both tokenized assets and crypto equities like Securitize, which is well-positioned for a regulated institutional future. Skeptics, however, view the partnership as a development cost payment rather than a fundamental business model improvement, noting that Layer-1 gas fees do not significantly benefit the token. The host of the discussion expressed skepticism about the long-term value of the Avalanche token, arguing that news pumps in crypto are almost always retraced.