Breaking news! The New York Stock Exchange's parent company, ICE, has made a strategic investment in OKX, valuing it at $25 billion, and has also secured a seat on OKX's board. This marks the entry of traditional financial core infrastructure into a leading crypto exchange. From multiple reports, it seems that the partnership between ICE and OKX is not just an 'investment' but includes significant business integration: OKX will provide ICE with real-time crypto market price data and plans to launch tokenized U.S. stocks and derivatives in the second half of 2026. Users will be able to trade on-chain versions of NYSE-listed stocks on OKX, which is the real game-changer. At the same time, ICE's strategic direction is crystal clear—they have already been developing infrastructure for tokenized securities trading this year. If this model succeeds, it essentially means the liquidity of traditional securities markets will begin migrating on-chain. In the future, the NYSE's competitors may no longer just be CME or NASDAQ but could include crypto exchanges, DeFi protocols, super apps, and more. On the flip side, if tokenized securities succeed, OKX's positioning will also transform—it will enter the 'super exchange' phase, integrating derivatives, stocks, and crypto all in one. If ETFs are TradFi's gateway into Crypto, then 'tokenized securities' might just be Crypto's first step in reverse-merging with TradFi.