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NYSE selects Avalanche as main blockchain for tokenized securities trading, settlement
The New York Stock Exchange has chosen Avalanche as the primary blockchain network for processing clearing and settlement on its upcoming affiliated tokenized securities alternative trading system.
The price of the Avalanche token (AVAX) jumped 8%, according to CoinGecko. Shares of Avalanche Treasury Corp
, which was created to be the proxy trade for the blockchain network, jumped 12% in light trading.
Avalanche is a six-year-old blockchain built for business. Unlike many networks aimed primarily at retail traders, Ava Labs, the company that helped develop Avalanche, has for years pursued financial institutions interested in tokenizing real-world assets and moving traditional financial infrastructure onto blockchain rails. Users include BlackRock, Franklin Templeton, Apollo, FIFA and the state of Wyoming.
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