NYSE Owner Purchases Stake in tZERO

New York Stock Exchange’s (NYSE) parent company Intercontinental Exchange Inc (ICE), announced the purchase of a stake in tokenized securities venue tZERO.

The announcement also added that ICE Chief Strategy Officer David Goone will become tZERO’s new chief executive officer next month. ICE’s investment will make it a “significant” minority shareholder in tZERO. However, the announcement did not provide the stake size or dollar value of the transaction.

TZERO is currently working to remake U.S. stock trading into a blockchain-powered business. The company runs a trading system where corporations can list digital versions of their stocks. 

Currently, only a few companies have signed up for tZERO’s system.

Goone, tZERO’s new CEO, said: “I look forward to bringing my three decades of product innovation and strategic experience forged in the exchange and derivatives trading industry to drive continued growth and operational excellence at tZero.” 

Other investors include tZERO’s original investor, Overstock.com and Medici Ventures, a blockchain-focused fund.

ICE has hugely invested in cryptocurrency exchange Bakkt.

The NYSE has also filed for an NFT trademark application with the United States Patent and Trademark Office (USPTO) on February 10, Blockchain.News reported.

According to the official announcement, the application submitted by the NYSE involves virtual reality and augmented reality software, non-fungible tokens or online markets.

The NYSE hopes it will offer “downloadable virtual goods” for NFTs and digital collectables, using blockchain technology for authentication, the report added.

This trademark application implies NYSE’s determination and plans to launch the NFT market and explore the blockchain and NFT market.