Former New York Governor Andrew Cuomo joined the board of directors at crypto exchange OKX, the platform announced Monday. Cuomo appeared on Fox Business the same day to promote 24/7 tokenized stock trading, deepening his existing ties to the exchange. Last month, OKX and Intercontinental Exchange, parent company of the New York Stock Exchange, formed a 50-50 joint venture co-chaired by Cuomo. The board appointment follows Cuomo's public advocacy for crypto as financial infrastructure, positioning the partnership to expand round-the-clock onchain equities trading and attract international capital into US markets.
Cuomo Describes Crypto as Financial Infrastructure of the Future
"So crypto, OKX, fintech, coming together with ICE [and the] New York Stock Exchange --- that is a marriage that should have happened a long time ago," Cuomo told Fox Business. "When people talk about crypto, they tend to talk about tokens, etc. That's not how I see crypto. I see it as the financial infrastructure of the future."
Cuomo described Intercontinental Exchange as the "quintessential traditional finance company" and expressed confidence the partnership with OKX could play a role in growing the market for round-the-clock, onchain equities trading. "Just imagine a world ... where you can trade stocks 24/7 internationally," he said. "Literally trillions of dollars internationally could be invested into the U.S. economy, into our exchanges."
Cuomo explained how tokenization could change equities trading: "Tokenization says you can have fractional ownership. You can have a digital representation of that asset. So you can buy a tenth of one stock, you can buy half of one stock, and the transactions digitally are immediate."
OKX and Intercontinental Exchange Formed 50-50 Joint Venture Last Month
OKX is one of the world's largest crypto exchanges, although it trails global market leader Binance. Traditionally focused on international markets, OKX is seeking to expand in the U.S., where Coinbase dominates crypto trading and tokenized equities are attracting growing interest from crypto and traditional financial firms.
Last month, OKX and Intercontinental Exchange formed a 50-50 joint venture co-chaired by Cuomo. The partnership aims to expand access to tokenized equities and bring more foreign capital into U.S. markets through 24/7 trading capabilities.
Robinhood and Backpack Offer Tokenized Stock Trading Platforms
Onchain stock trading has increasingly become a focus across the crypto industry as digital-asset companies seek to bring U.S. stocks onchain and expand international access to American markets. Robinhood offers European customers tokens tied to hundreds of U.S. stocks and ETFs, while Backpack recently launched 24/7 trading in tokenized shares.
Cuomo's public support for crypto dates back at least to last year, when his unsuccessful New York City mayoral campaign proposed creating a chief innovation officer responsible for advancing the city's adoption of blockchain and artificial intelligence.
FAQ
What role did Andrew Cuomo take at OKX?
Andrew Cuomo joined the board of directors at crypto exchange OKX, the platform announced Monday. He also co-chairs a 50-50 joint venture between OKX and Intercontinental Exchange formed last month.
How does Cuomo describe the benefits of tokenized stock trading?
Cuomo explained that tokenization allows fractional ownership and digital representation of assets. "You can buy a tenth of one stock, you can buy half of one stock, and the transactions digitally are immediate," he said on Fox Business.
Which companies currently offer tokenized stock trading?
Robinhood offers European customers tokens tied to hundreds of U.S. stocks and ETFs. Backpack recently launched 24/7 trading in tokenized shares.
