The founder of Binance, Changpeng Zhao, widely known as CZ, is a leading figure in the cryptocurrency world, closely followed for years. As a significant proponent of the global diffusion of cryptocurrencies, CZ has leveraged gray areas to introduce millions of new investors to digital currencies. Now, he declares the latest development as a highly positive move for cryptocurrencies.
A Promising Future for Cryptocurrencies
In a recent post on his official X account, CZ discussed the current announcement by NYSE, highlighting its significance for the cryptocurrency market. The announcement signals that a new securities market utilizing cryptocurrency infrastructure will emerge sooner than expected. Initiated by NYSE, this platform is poised to create an entirely new trading space.
- •Trading can occur 24/7 with no set market hours.
- •Immediate settlement, eliminating wait times.
- •Stablecoin-based funding, eschewing traditional bank transfers.
- •Tokens issued locally as digital securities.
The initiative isn’t merely about integrating blockchain into existing exchanges; it aims to transcend traditional frameworks.
Quoting from the news, CZ remarked, “This signals a bullish development for crypto and crypto exchanges.”
Pioneering the Crypto Bull Market
NYSE plans to operate dual exchanges. The existing exchange will function between 9:30 AM to 4:00 PM EST with T+1 settlement and bank transfers. However, the new exchange will provide 24/7 instant settlement with stablecoin payments, removing banking restrictions. They aren’t choosing between traditional and digital; they’re spearheading a new securities market that operates both in parallel.
Other entities are creating infrastructure to tokenize existing assets:
- •DTCC is tokenizing stored securities.
- •State Street is tokenizing MMFs and ETFs.
- •Nasdaq is adjusting its rules for traditional and tokenized trading.
NYSE is opening pathways to incorporate stocks into the blockchain framework, creating a novel space. Tokenized stocks will be stored in wallets, rather than institutions like DTCC, enabling instant trading akin to platforms like Binance.
The outcomes of this initiative will unfold over time. The integrated new structure with cryptocurrency networks could significantly elevate stablecoin interest, potentially yielding tremendous gains for digital currencies. Leveraging networks such as Ethereum and Solana to tokenize traditional assets could substantially bolster the cryptocurrency ecosystem.