NYSE Owner ICE Buys Stake in Security Token Platform tZero

Intercontinental Exchange (ICE) has announced a strategic investment in tZero, a private digital securities market and crypto asset liquidity platform.

ICE, which owns and operates 12 global exchanges including the New York Stock Exchange (NYSE), announced the news on Feb. 22, but made no mention other than ICE being a "significant minority shareholder" in tZero The terms or details of the investment.

ICE did say that as part of the investment, ICE Chief Strategy Officer David Goone will join tZero as its new CEO and serve on its board.

tZero operates a blockchain-based Alternative Trading System (ATS) on which companies can list tokenized versions of their shares. The company is fully regulated by the U.S. Securities and Exchange Commission (SEC) as a broker in the digital asset space and also offers some cryptocurrencies. The platform currently offers only a handful of tokenized stocks, one of which is early investor Overstock, ticker OSTKO.

The platform's target market is financial firms and investors seeking access to digital markets and unique private assets and shares such as cryptocurrencies and non-fungible tokens (NFTs).

ICE founder, chairman and CEO Jeff Sprecher said of Goone's appointment that he has been "the steward of our problem-solving culture," before adding:

"David's leadership and technical mastery of trading, data and clearing will be a tremendous asset to tZERO as tZERO embarks on a new chapter leading the growth and adoption of next-generation marketplace infrastructure."

Sponsored Business Content

Goone has worked at ICE since 2001. During his tenure, he has developed and managed many product lines of ICE and accumulated rich experience.

ICE is a Fortune 500 company and a leader in global exchanges and clearing houses, providing financial technology and data services across major asset classes.

After launching a security token (STO) and receiving significant investment in 2020, tZero has struggled. At the time, the fledgling security token platform was still losing money, though this latest investment could give tZero access to new markets.

As Cointelegraph reported on Feb. 15, the NYSE has shown increased interest in the digital asset space as it has filed patent applications for a number of cryptocurrency and blockchain-related products and services. These include online marketplaces for trading crypto assets, NFTs, and metaverse technologies like augmented reality software.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.