February 24, 2022
By Sharan Kaur Phillora
Intercontinental Exchange (ICE), which owns the New York Stock Exchange, announced in a press release a strategic investment in tZERO, a trading platform for cryptocurrencies and digital assets.
Here’s what we know:
- In connection with the investment, David Goone, ICE’s chief strategy officer, will join tZERO as its next CEO and will serve on tZERO’s board. Goone, who joined ICE in 2001, says that he will continue to serve ICE in a consulting capacity.
- Other participants in the fundraising round include Overstock.com, an original investor in tZERO, and Medici Ventures, a blockchain-focused fund, among others.
- Terms of ICE’s investment, which will make ICE a significant minority shareholder in tZERO, have not been disclosed yet. The financial impact of the transaction will not be material to ICE or impact ICE’s capital return plans.
- tZERO, through a wholly-owned subsidiary, operates an SEC-regulated alternative trading system (ATS) and broker-dealer in the digital asset space and is a technology firm with the goal of democratizing access to capital markets.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.