NYSE Blockchain Solution Faces Skepticism: Genuine Innovation or Conceptual Hype?

【Blockchain Rhythm】 Regarding the New York Stock Exchange’s recent launch of a blockchain tokenization trading platform, Columbia Business School professor Omid Malekan candidly pointed out the issues. He believes that this plan looks like an “air project” at first glance, with critical details missing and a complete lack of clarity.

Specifically, the NYSE has not clearly addressed several core questions: What blockchain is the platform built on? Is it a permissioned or permissionless chain? Can it support hybrid modes? How is the token economy designed? How are fees collected? Malekan’s view is sharp—without these hard details, the so-called vision is at best a concept marketing stunt.

The NYSE and its parent company Intercontinental Exchange(ICE) promote this platform as capable of enabling 24-hour trading of stocks and ETFs, with second-level settlement, and support for multi-chain and custody. It sounds impressive, but Malekan hits the nail on the head: the fundamental nature of the NYSE’s business model is a highly centralized oligopoly market, and encryption technology alone cannot change this reality. Unless it is truly willing to break the existing利益格局, it is just an old business in new clothes.

Interestingly, academia is pessimistic, but the industry is optimistic. Securitize CEO Carlos Domingo believes that on-chain trading of native tokenized stocks is a big advantage, and Alexander Spiegelman, head of research at Aptos Labs, also agrees that now is a good time for traditional markets to introduce blockchain technology. Both sides have their reasons, and this debate is unlikely to have a conclusion in the short term.