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The New York Stock Exchange (NYSE) and crypto platform Blockchain.com have signed a memorandum of understanding to give Blockchain.com users access to tokenized securities through the NYSE's planned digital trading platform.

The partnership, subject to regulatory approval, could give millions of crypto users access to tokenized U.S. stocks and exchange-traded funds, according to a Wednesday announcement.

The agreement is another move by a major traditional exchange into the growing market for tokenized stocks and financial assets. Tokenized stocks can potentially be traded around the clock and settled on a blockchain, while also allowing fractional ownership and broader access to markets.

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"Tokenized stocks are one of the most impactful advancements in the modern financial landscape, and a key catalyst for greater economic freedom," Blockchain.com CEO Peter Smith said.

The London- and Dallas-based company has already begun offering tokenized stocks to customers in Europe, although it has not disclosed how many users have purchased them.

The companies will also share market data. ICE Data Services, part of NYSE parent Intercontinental Exchange (NYSE: $ICE), plans to distribute Blockchain.com's crypto market data and analytics to its clients. Blockchain.com, meanwhile, plans to add certain NYSE and ICE data feeds to its app, which has more than 44 million verified accounts.

The partnership comes as financial institutions increasingly explore tokenization. Citi (NYSE: $C) has forecast that the market for tokenized assets could reach $5.5 trillion by 2030.

However, tokenized stocks can differ significantly from traditional shares. In many cases, buyers of blockchain-based stock tokens do not receive the same shareholder rights as investors who own the underlying securities directly.

The U.S. Securities and Exchange Commission (SEC) last week introduced a five-year exemption allowing certain platforms to offer tokenized versions of stocks and other securities without complying with some rules that apply to traditional exchanges