DTCC Acquires Securrency to Expand into Blockchain Space
The Depository Trust & Clearing Corp. (DTCC) has announced its acquisition of digital asset infrastructure firm Securrency, signaling its intent to make a stronger presence in the blockchain industry. While the financial terms of the deal were not disclosed, Bloomberg reported that DTCC purchased Securrency for approximately $50 million.
Driving Adoption of Digital Assets
In a statement, DTCC expressed its belief that this acquisition will position the clearinghouse as a global leader in bridging industry practices with advanced digital technology to encourage the acceptance and adoption of digital assets. As the largest financial clearinghouse globally, DTCC handles an impressive $2.3 quadrillion worth of stock sales annually.
Expansion into Digital Asset Space
DTCC has shown increasing interest in the digital asset space recently. Keisha Bell, DTCC’s managing director, joined the board of directors for FTX US Derivatives, an American derivatives arm of collapsed crypto exchange FTX. With this acquisition, Securrency will become a fully-owned subsidiary of DTCC and operate under the name DTCC Digital Assets.
Hot Take: DTCC’s Move towards Digital Assets
The acquisition of Securrency by DTCC highlights the growing importance of digital assets in the financial industry. By entering the blockchain space, DTCC aims to drive market-wide transformation and enable end-to-end digital lifecycle processing for tokenized assets and digital currencies. This move reflects a broader trend of traditional financial institutions recognizing the potential and value of blockchain technology. As more established players enter the space, it further validates and legitimizes cryptocurrencies and decentralized finance.
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