Shares of tokenization firm Securitize jumped Wednesday after it announced a partnership with investment bank Cantor Fitzgerald to enable blockchain-based initial public offerings.

Securitize was up about 12% Wednesday afternoon. The company recently made its debut on the New York Stock Exchange after shareholders approved its merger with a Cantor-sponsored special-purpose acquisition company.

Under the agreement, public companies will be able to raise capital through IPOs and follow-on offerings using blockchain-based infrastructure. Cantor will bring its equity capital markets and trading capabilities, while Securitize will provide the technology to issue, distribute, and service tokenized securities.

The tokenization movement is gaining momentum on Wall Street, with many firms now racing to launch their own platforms, funds and deposit networks that move or store tokens.

Almost 40 financial firms and tech providers, from JPMorgan Chase and Goldman Sachs to BlackRock, Vanguard and the New York Stock Exchange, are taking part in a trial run Wednesday to tokenize securities that Wall Street firms keep at the Depository Trust & Clearing Corp., a leading trade processor.