Tesla, Amazon, Netflix oppose OKX-ICE's tokenization stock plan, and with another 6 companies raising objections, the total number of opponents has risen to 56.
The companies that have been added to the opposition list include Tesla, Amazon, SpaceX, Netflix, SoFi Technologies, and Lam Research. Reports indicate that this brings the total number of companies opposing the proposed listing to 56.
In the past few weeks, opposition has grown rapidly. On October 15th, there were initially 9 companies on the list; by October 28th, that number had increased to 38; on October 30th, another 12 companies joined, bringing the total to 50, and then these 6 more companies joined in opposition.
Among the 62 companies initially selected in OKX-ICE, 49 have raised objections, accounting for nearly 79% of the original list. In addition, 7 companies that were not on the initial list have also submitted their opposition.
Well-known companies already on the list include Microsoft, Alphabet, Nvidia, Walmart, JPMorgan Chase, Costco, and Nike. Apple is still on the initial shortlist, but it has not yet made its objection public.
At the time these objections emerged, OKX and ICE were preparing to launch a tokenized version of U.S. stocks through a blockchain-based trading platform. The platform aims to enable eligible users to trade around the clock and to conduct transactions using stablecoins such as USDC, through the licensed Uniswap liquidity pools on the XLayer network of OKX.
Supporters believe that tokenization helps to make stock trading more accessible through longer transaction times and faster settlements.
However, companies may be concerned that third-party tokens could affect their stock prices, trading activities, and reputation.
These objections will not completely terminate the plans for OKX-ICE. The trading venue can still offer tokenized shares that are directly issued or approved by the company, under the applicable rules.
However, the growing list of objections has limited the range of third-party tokenized stock options that the platform can offer. With 49 out of the initial 62 targets opposing the proposed listing, OKX-ICE faces significant challenges in attempting to secure company participation.
The bigger question is whether the platform will be able to attract enough issuers to make its planned 24/7 stock market feasible.
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