NYSE owner backs trade.xyz to bring hyperliquids to the US

ICE, owner of the New York Stock Exchange, is take a minority stake in trade.xyz, the the largest manufacturer markets on Hyperliquide, to bring its perpetual shares to the United States, with investor Stan Druckenmiller also on board.

What’s the scoop?

• The plan: Subject to CFTC approval, the pair plan a new American market, ICE(XYZ), with its own exchange and its own clearing (the system that settles transactions) built on Hyperliquide. It would list stocks, indices, commodities, currencies and cryptocurrencies for ID-verified traders contacted through brokers and cryptocurrencies. ICE’s joint venture with OKX. Terms of the deal and launch date were not disclosed.

• The contributors: ICE will exclusively manage trade.xyz’s US markets and says its business today is more than 99% institutional, so retail is new territory for it. Druckenmiller wrote that he is “excited to be an investor in (xyz) Commerce” and plans to use the product himself.

• Zoom out: trade.xyz said its hyperliquid markets have exceeded $650 billion in volume in just over a year, and they will continue to operate. The deal comes days after Hyperliquid backed Kraken parent Payward’s push for regulated criminals in the US, and already ICE agreed to invest up to $2 billion at Polymarché. HYPE is up about 13% in 24 hours, per CoinGecko.