ICE taps tZERO to build NYSE tokenized securities infrastructure

Intercontinental Exchange is partnering with blockchain firm tZERO to develop infrastructure for the New York Stock Exchange’s upcoming tokenized securities platform. Under the agreement, tZERO will serve as the design partner for the NYSE-affiliated digital transfer agent program.

The deal includes a financial commitment, with NYSE-traded ICE investing in tZERO’s latest financing round. Additionally, ICE will license tZERO’s portfolio of 103 blockchain patents, which cover compliant transfers, smart contracts, and corporate actions.

Beyond the platform design, the two firms plan to explore using tZERO’s tokenized assets for collateral management across ICE clearing houses and other affiliates. This integration highlights how traditional market operators are moving beyond experimental blockchain pilots toward embedding digital asset infrastructure directly into core clearing and settlement operations.

Alan Konevsky, chief executive of tZERO, said in a release that partnering with ICE to reach public equities is a natural step for their infrastructure-as-a-service offering. He added that the firm has spent years building an end-to-end regulated platform for tokenized securities and related intellectual property.

Michael Blaugrund, vice president of strategic initiatives at ICE, highlighted tZERO’s background in regulated on-chain infrastructure. He noted this makes the company a valuable partner for the digital transfer agent program, which will support tokenized securities trading and settlement.

Regulatory milestones for tZERO include securing digital asset custody approval in September 2024, making it only the second firm to achieve such U.S. sign-off at the time. Today, the company operates in a competitive tokenization landscape alongside rivals like Securitize and Superstate.

The firm's intellectual property portfolio faced a public test earlier this summer when tZERO issued a cease-and-desist letter demanding Securitize halt two specific products. In response, Securitize argued that its own registry and vault systems lack the key features protected by the disputed patents.

ICE has aggressively pursued on-chain investments over the past year to build out its digital asset capabilities. In March, the exchange operator committed $600 million in direct cash to prediction market Polymarket, supplementing a $1 billion injection from the previous October.

The exchange operator also backed crypto exchange OKX at a $25 billion valuation. By May, ICE and OKX formalized a 50-50 joint venture to build next-generation infrastructure for digitally native financial products, a partnership that subsequently expanded to include oil perpetual futures.