The New York stock exchange owner Intercontinental Exchange Inc. is taking an ownership stake in cryptocurrency liquidity platform, tZERO.
ICE will become a minority shareholder in tZERO following the announcement, which did not disclose the terms of investment. The note adds that the financial impact of the deal is immaterial to ICE or its capital returns plans.
David Goone, currently serving as the ICE Chief Strategy Officer, will become the CEO of tZERO and join the Board.
Overstock.com and Medici Ventures are other investors in the tokenized securities platform. Medici is a blockchain specializing fund, while Overstock.com was the original investor.
Intercontinental Exchange is also a majority shareholder of cryptocurrency exchange Bakkt. ICE runs 12 global exchanges comprising the New York Stock Exchange.
tZERO operates a blockchain alternative trading system where firms can list tokenized stocks. The firm is regulated by the Securities and Exchange Commission.
Source: ICE
