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tZERO is fully regulated with the Securities and Exchange Commission (SEC) and acts as a broker-dealer in the digital asset space.
Intercontinental Exchange Inc (ICE), the parent company of the New York Stock Exchange (NYSE), announced on February 22, that it will take an ownership stake in the private digital securities marketplace tZERO.
According to the announcement, ICE will become a “significant” minority shareholder in tZero, although the stake size and dollar value of the transaction were not disclosed. The company added that there would be no financial impact on ICE or its capital return plans as it failed to disclose the terms or details of the investment in tZero.
ICE owns and operates 12 global exchanges including the New York Stock Exchange (NYSE). The company revealed in the announcement that, David Goone, ICE’s Chief Strategy Officer will be joining tZero as its new CEO serving on the board of directors.
tZERO on February 22, confirmed that ICE’s David Goone was indeed being appointed as the company’s new Chief Executive Officer. tZero operates a blockchain-based alternative trading system (ATS) of which companies can list tokenized versions of their stocks.
The firm also announced the completion of an additional round of strategic funding from new and existing investors. Amongst the participants in the financing round included NYSE parent company ICE, Overstock.com, Inc., an early investor in tZERO, and Medici Ventures, L.P., a blockchain-focused fund whose general partner is an entity affiliated with Pelion Venture Partners, among others.
tZERO is fully regulated with the Securities and Exchange Commission (SEC) and acts as a broker-dealer in the digital asset space. The firm also offers several cryptocurrencies and just a few tokenized stocks at the moment, one of which is early investor Overstock, which trades under the ticker OSTKO.
tZERO reportedly has its eyes set on financial firms and investors seeking access to a digital marketplace and unique private assets and equities such as cryptocurrencies and non-fungible tokens (NFTs).
Jeff Sprecher, founder, Chairman, and CEO of ICE speaking on Goone’s appointment described him as a “steward of our problem-solving culture.” “David’s leadership and his mastery of trading, data, and clearing technology will be a big asset as tZERO begins its next chapter leading the growth and adoption of next-generation market infrastructure,” he added.
Goone has been with ICE since 2001 and has a lot of experience under his belt. He oversaw the development and management of many of ICE’s product lines during his tenure.
ICE is a Fortune 500 firm and leader of global exchanges and clearinghouses that provide financial technology and data services across major asset classes. The company is also the majority owner of cryptocurrency exchange Bakkt, which went public via a merger with (SPAC) VPC Impact Acquisition Holdings in the latter stages of last year.