The Intercontinental Exchange (ICE) has announced a strategic investment in private digital securities market and crypto asset liquidity platform tZero.
ICE, which owns and operates 12 global exchanges including the New York Stock Exchange (NYSE), made the announcement on February 22, however, there was no mention of the terms or details of the investment other than ICE becoming a “significant minority shareholder”. ” in tZero.
It made state that as part of the investment, ICE Chief Strategy Officer David Goone will join tZero as the new CEO serving on the board.
tZero operates a blockchain-based alternative trading system (ATS) on which companies can list tokenized versions of their stocks. The company is fully regulated by the Securities and Exchange Commission (SEC) and acts as a digital asset broker, also offering a number of cryptocurrencies. The platform currently only offers a handful of token stocks, one of which is early investor Overstock under the ticker symbol OSTKO.
The platform’s target market are financial firms and investors looking to access a digital marketplace and unique private assets and stocks such as cryptocurrencies and non-fungible tokens (NFTs).
ICE Founder, Chairman and CEO Jeff Sprecher commented on Goone’s appointment saying he has been a “steward of our problem-solving culture,” before adding:
“David’s leadership and mastery of trading, data and clearing technologies will be a strong asset as tZERO embarks on its next chapter of leading the growth and adoption of next-generation market infrastructure.”
Goone, who has been with ICE since 2001, brings a wealth of experience to the table having developed and managed many of ICE’s product lines during his tenure.
ICE is a Fortune 500 company and a leader among global exchanges and clearing houses that provide financial technology and data services across major asset classes.
tZero got off to a rough start after its security token offering (STO) and numerous investments in 2020. At the time, the fledgling security token platform was still losing money, although this latest investment could provide access to new markets for tZero.
Related: Intercontinental Exchange sells its stake in Coinbase for $1.2 billion
As reported by Cointelegraph on February 15, the NYSE is showing greater interest in the digital asset space by filing a patent application for a number of crypto and blockchain related products and services. These include an online marketplace for trading crypto assets, NFTs, and Metaverse technologies such as augmented reality software.