What Is the Intercontinental Exchange (ICE)?
The Intercontinental Exchange (ICE), founded in 2000 by Jeffrey C. Sprecher, is a prominent owner and operator of exchanges for financial and commodity markets.
Mr. Sprecher is also a board member of the New York Stock Exchange (NYSE). During its establishment, ICE received support from multinational companies..
Diversifying Markets
Initially, ICE focused on facilitating trading in energy products such as crude oil, natural gas, and emissions.
However, its activities quickly diversified.
The primary objective of ICE was to enhance the trading environment by increasing price transparency, efficiency, liquidity, and reducing costs.
Growth through Strategic Acquisitions
ICE’s rapid growth can be attributed to its acquisition-oriented strategy.
The company believes acquiring relevant companies and exchanges is instrumental in expanding.
In 2001, ICE expanded its presence in the British market by acquiring the London-based International Petroleum Exchange (IPE).
Venturing into Cryptocurrency
In 2018, ICE announced the establishment of a subsidiary dedicated to cryptocurrency trading and futures contracts based on Bitcoin named Bakkt.
Bakkt offers various functionalities related to cryptocurrencies, including a dedicated digital wallet and the ability to buy, sell, trade, and exchange different crypto tokens.
Leveraging ICE’s established position in the industry, Bakkt secured an impressive $180 million during its initial funding round.