Intercontinental Exchange, the parent company of the Fresh York Stock Exchange (NYSE), is calling on regulators to allow regulated exchanges to offer 24/7 on-chain perpetual futures trading, according to ICE CEO Jeffrey Sprecher.
I’m talking to Bernstein conference on Wednesday, Sprecher said he is urging regulators to create a “level playing field” in contracting with onchain clients 24/7, arguing that regulators “are prohibiting us from doing that while it’s already happening.”
The CEO said ICE had held multiple preliminary discussions with decentralized exchange Hyperliquid about synergies between the cryptocurrency and classic finance (TradFi) industries, during which ICE sought to “learn more” about onchain criminals.
The comments are the latest evidence of how, following the success of Hyperliquid, more TradFi companies are exploring ways to enable 24/7 trading of stocks and commodities via blockchain rails.
These comments come a week after OKX announced it would launch futures contracts based on ICE’s Brent and West Texas Intermediate (WTI) crude oil benchmarks, two of the most widely used oil price indicators in the world, Cointelegraph reported on May 22.
The trading products are the first initiative announced in a broader partnership between ICE and OKX, after ICE invested $25 billion in the cryptocurrency exchange in March.
In early March, the Fresh York Stock Exchange also partnered with tokenization platform Securitize as part of a broader effort to develop a blockchain-based stock trading infrastructure enabling 24/7 trading and settlement on Wall Street.
Cointelegraph has reached out to ICE for comment on whether the exchange operator plans to launch an onchain perps trading platform through Hyperliquid.
Related: The UK is proposing near-24/7 settlement to prepare markets for tokenization
Hyperliquid is ‘bigger than Nasdaq,’ says ICE CEO
Sprecher praised Hyperliquid’s rapid growth as a trading platform, which has facilitated the creation of many modern billionaires, the CEO said, adding:
“If you haven’t heard of it, it’s bigger than the Nasdaq, OK? That’s 11 people.”
Hyperliquid remains significantly smaller than the Nasdaq by conventional measures of trading volume, but Sprecher’s comment underscored the pressure that constantly dynamic cryptocurrency trading platforms place on regulated exchanges.
Hyperliquid is the seventh largest decentralized exchange in the world CoinGeckowith a market share of 3.7% and a daily trading volume of $195 million.
It is the fourth largest fee-generating protocol in the crypto industry, generating $15.6 million in weekly fees over the last seven days, DefiLlama data can be seen.
Top decentralized exchanges by trading volume and market share. Source: CoinGecko
As Cointelegraph reported on Tuesday, Hyperliquid is expanding its functionalities and recently launched canonical off-chain event forecasting markets.
The platform’s growing functionality positions Hyperliquid as the next “super app” in the cryptocurrency industry, making the Hyperliquid token (HYPE) “one of the most mispriced assets in crypto today” as investors continue to evaluate it as simply a DEX performer, said Matt Hougan, chief investment officer at crypto asset manager Bitwise.
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