The Intercontinental Exchange (ICE) reportedly disclosed details related to a strategic initiative to invest in private digital securities marketplace and crypto asset liquidity platform tZero.

Specifically, ICE – which current owns and functioning 12 exchanges across the globe including the New York Stock Exchange (NYSE) – reportedly shared updates of the development on Feb. 22, with no data associated with the details or the terms of the investment, other than ICE becoming a “significant minority shareholder” in tZero.

It did reveal that as included within the scope of the investment, ICE’s Chief Strategy Officer David Goone will become the new Head of tZero,  serving on the board of directors.

tZero reportedly functions as a blockchain-powered alternative trading system (ATS), which offers facilitating features to firms to list tokenized versions of their stocks.

The company reportedly has complete regulations with the Securities and Exchange Commission (SEC) and takes up the broker-dealer role in the digital asset sphere, also offering a few cryptocurrencies. 

The platform only offers a handful of tokenized stocks currently, one of which is early investor Overstock under the ticker OSTKO.

The primary demographic the company aims to cater to are reportedly financial establishments and investors looking to tap into a digital marketplace and unique private assets and equities, nominally cryptocurrencies and non fungible tokens (NFTs).

ICE founder, Chairman, and CEO, Jeff Sprecher, further shared his remarks regarding Goone’s appointment, claiming that he has been 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.”