The New York Stock Exchange aims to bring blockchain to Wall Street without disrupting the existing system

BlockBeats News, March 26th, according to CoinDesk, Jon Herrick, Chief Product Officer of the New York Stock Exchange, stated on Thursday at the New York Digital Asset Summit that the exchange's blockchain strategy is to "build on top of existing systems," pursuing interoperability rather than replacing the current market infrastructure.

Herrick stated that blockchain technology will be integrated into existing systems in an additive, rather than a substitutional, manner, and that the advancement process needs to consider regulatory frameworks, clearing systems, investor protections, and other "inherent advantages that the market has developed to date." He described this path as a fusion of traditional finance and blockchain systems: "This is not to say which side is more correct... I think they should converge over time."

The New York Stock Exchange is currently exploring how tokenized assets can operate within existing systems, involving applications such as real-time or near-real-time settlement and extended trading hours. Earlier this month, ICE, the parent company of the New York Stock Exchange, made a strategic investment in the cryptocurrency exchange OKX. ICE will authorize OKX to use its spot cryptocurrency prices for cryptocurrency futures products, and OKX will offer ICE futures and tokenized equities to U.S. customers.

At the same time, Herrick pointed out that existing centralized clearing systems reduce risks through net settlement between market participants, and such efficiency may not be easily replaced. However, he anticipates that over time, the boundaries between traditional assets and tokenized assets may gradually blur: "Perhaps in 10 years, it won't matter whether a security is tokenized or not."