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Glossary

Intercontinental Exchange (ICE)

November 21, 2023 - Around 2 mins mins to read

Understanding the Intercontinental Exchange (ICE)

The Intercontinental Exchange (ICE) was founded in 2000 by Jeffrey C. Sprecher and has since become a prominent operator and owner of financial and commodity market exchanges. Jeffrey C. Sprecher is also a board member of the New York Stock Exchange (NYSE). During its establishment, ICE received support from major multinational companies such as Total, Goldman Sachs, and Deutsche Bank.

Initially, ICE focused primarily on facilitating the trading of energy products, including crude oil, natural gas, and emissions. However, the company soon diversified its activities with the goal of improving the trading environment by promoting price transparency, efficiency, liquidity, and cost reduction.

Since its inception, ICE has gained significant recognition within the trading and stock community. By 2010, the company had cleared over $10 trillion in credit default swaps.

ICE’s rapid growth can be attributed to its acquisition strategy, as the company believes that acquiring relevant companies and exchanges is crucial for expansion. In 2001, ICE expanded its presence in the British market by acquiring the London-based International Petroleum Exchange (IPE). In 2005, ICE became a publicly listed company and quickly joined the Russell 1000 Index. Since then, the company has successfully completed more than 15 mergers and acquisitions.

In 2018, ICE made an announcement regarding the establishment of a subsidiary dedicated to cryptocurrency trading and futures contracts based on Bitcoin. This subsidiary, known as Bakkt, offers various functionalities related to cryptocurrencies. Users of Bakkt can benefit from a dedicated digital wallet and engage in buying, selling, trading, and exchanging different crypto tokens. Bakkt managed to raise an impressive US$182.5 million during its initial funding round, thanks to ICE’s established position in the stocks markets and the industry as a whole. Key investors in Bakkt include Boston Consulting Group, Microsoft, and Pantera Capital.

In 2021, Bakkt revealed its plans to become a publicly traded company through a successful merger with VPC Impact Acquisition Holdings. The resulting entity, Bakkt Holdings, Inc., will be listed on the New York Stock Exchange, with ICE retaining a 65% economic interest in the company.

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Coincu

Glossary

Intercontinental Exchange (ICE)

Understanding the Intercontinental Exchange (ICE)

The Intercontinental Exchange (ICE) was founded in 2000 by Jeffrey C. Sprecher and has since become a prominent operator and owner of financial and commodity market exchanges. Jeffrey C. Sprecher is also a board member of the New York Stock Exchange (NYSE). During its establishment, ICE received support from major multinational companies such as Total, Goldman Sachs, and Deutsche Bank.

Initially, ICE focused primarily on facilitating the trading of energy products, including crude oil, natural gas, and emissions. However, the company soon diversified its activities with the goal of improving the trading environment by promoting price transparency, efficiency, liquidity, and cost reduction.

Since its inception, ICE has gained significant recognition within the trading and stock community. By 2010, the company had cleared over $10 trillion in credit default swaps.

ICE’s rapid growth can be attributed to its acquisition strategy, as the company believes that acquiring relevant companies and exchanges is crucial for expansion. In 2001, ICE expanded its presence in the British market by acquiring the London-based International Petroleum Exchange (IPE). In 2005, ICE became a publicly listed company and quickly joined the Russell 1000 Index. Since then, the company has successfully completed more than 15 mergers and acquisitions.

In 2018, ICE made an announcement regarding the establishment of a subsidiary dedicated to cryptocurrency trading and futures contracts based on Bitcoin. This subsidiary, known as Bakkt, offers various functionalities related to cryptocurrencies. Users of Bakkt can benefit from a dedicated digital wallet and engage in buying, selling, trading, and exchanging different crypto tokens. Bakkt managed to raise an impressive US$182.5 million during its initial funding round, thanks to ICE’s established position in the stocks markets and the industry as a whole. Key investors in Bakkt include Boston Consulting Group, Microsoft, and Pantera Capital.

In 2021, Bakkt revealed its plans to become a publicly traded company through a successful merger with VPC Impact Acquisition Holdings. The resulting entity, Bakkt Holdings, Inc., will be listed on the New York Stock Exchange, with ICE retaining a 65% economic interest in the company.

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