Friday, June 9, 2023

ICE Buys Stake in tZero Security Token


As a result of the unreported transaction, ICE will become a significant minority shareholder in tZero, demonstrating that the gap between equities and cryptoassets is closing.

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

Furthermore, the New York Stock Exchange is one of 12 global exchanges that ICE owns and runs (NYSE). The notice was made by ICE on February 22. However, other than ICE becoming a “major minority shareholder” in tZero, there was no discussion of the terms or details of the investment.

It did say that David Goone, the Chief Strategy Officer of ICE, will become the new CEO of tZero. He will serve on the board of directors as part of the investment.

tZero is an alternative trading system based on the blockchain (ATS). Businesses can list tokenized copies of their equities there. The Securities and Exchange Commission has thoroughly regulated the company (SEC). It works as a digital asset broker-dealer and also sells a variety of cryptocurrencies.

At the moment, the platform only has a few tokenized equities available. One of them is Overstock, which trades under the ticker OSTKO.

Target Market

Financial firms and investors wanting access to a digital marketplace are the platform’s target customers. It also intends to work with nonfungible tokens and other unique private assets and equities, such as cryptocurrency (NFTs).

Jeff Sprecher, the founder, chairman, and CEO of ICE, has spoken out over Goone’s nomination. He described himself as a guardian of the problem-solving culture.

He went on to note that David’s leadership and knowledge of trading, data, and clearing technology will be a valuable asset. This shows importance as tZERO embarks on its next chapter as a pioneer in the growth and adoption of next-generation market infrastructure.

Since 2001, Goone has worked for ICE. This brings a wealth of knowledge and expertise to the table. During his time at ICE, he has developed and overseen many of the company’s product lines.

ICE is a Fortune 500 corporation. It is a global exchange and clearinghouse leader. It has provided financial technology and data services to clients across a broad range of asset classes.

tZero’s Rocky Beginning

After its security token offering (STO) and multiple investments in 2020, tZero had a difficult start. The young security token platform had been losing money at the moment. This recent investment, on the other hand, may provide tZero access to new markets.

According to Cointelegraph, the NYSE is becoming more interested in the digital asset industry. It has applied for patents on a variety of crypto and blockchain-related products and services.

Among these are NFTs, an online marketplace for trading cryptocurrency assets, and Metaverse technology, such as augmented reality software.


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