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Sunday, October 1, 2023

ICE, Owners Of New York Stock Exchange Picks Up Strategic Stake In tZERO: CSO Of ICE To Be Next Its CEO

Intercontinental Exchange Incorporated has picked up a minority stake in tZERO. ICE is the owner of the NY Stock Exchange plus other major global exchanges. Along with other companies, ICE participated in this round of fundraising.

With this investment in the digital asset liquidity and blockchain company, ICE has a minority stake. Both companies have not divulged further plans for this investment.

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Ice’s Goone Brings In Vast Experience In Various Traditional Fields

Intercontinental Exchange Incorporated has only informed that the Chief Strategy Officer (CSO), David Goone, who is also a member of their management team, would be joining tZERO as the CEO.

Additionally, David Goone will join the board of tZERO. ICE’s CEO, founder, and chairman, Jeff Sprecher indicated that Goone’s leadership qualities combined with his knowledge of data, clearing technology, and tradition will stand as an important asset even as tZERO starts on its future journey of leading the adoption and growth of market infrastructure of the future generation.

The induction of Goone by Intercontinental Exchange Incorporated indicates its belief in the future of cryptocurrency

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Goone is also on the board of other subsidiaries of ICE, such as the National Futures Association, Options Clearing Corp., and the Depository Trust Clearing Corp. 

Other companies,  including Medici Ventures and Overstock.com, were part of this investment round. Though there are no indications that Intercontinental Exchange Incorporated is poised to move strongly into crypto through investment, it at least indicates that one of the most powerful exchanges is ready to move into this unfamiliar territory.

The NY stock exchange has in recent months filed several trademark applications that are targeted at non-fungible tokens (NFTs) and also the Metaverse.

This application by Intercontinental Exchange Incorporated also indicated that the stock exchange was making attempts to establish a platform to move into selling, buying, and trading of cryptocurrencies, non-fungible tokens, and more.

More details are expected from this move by a traditional stock exchange major and a Fortune 500 company that is into global exchanges, financial technology, and data services, to enter the cryptocurrency market.

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