DTCC Acquires Securrency to Boost Blockchain Strategy
The Depository Trust & Clearing Corp. (DTCC) has made a significant move in the blockchain sector by acquiring Securrency, a startup specializing in distributed ledger and digital assets. The acquisition reportedly cost around $50 million.
DTCC is the largest clearing and settlement company in the U.S., holding custody of over 1.4 million active securities valued at $87.1 trillion. The company aims to leverage Securrency’s technology to enhance its operational models and introduce new digital asset services.
Securrency CEO Nadine Chakar expressed excitement about collaborating with DTCC to create a robust infrastructure for the widespread adoption of digital assets. Chakar will assume the role of global head and managing director at DTCC Digital Assets.
Financial Heavyweights Embrace Distributed Ledger Technology
DTCC joins a growing list of financial giants embracing distributed ledger technology. Last week, Mastercard unveiled a solution that enhances central bank digital currencies’ transfer through alternate blockchains. EY also launched Reconciler, a blockchain tool used by Fidelity Digital Assets.
This is not DTCC’s first venture into distributed ledger technology. In 2016, the company collaborated with the Linux Foundation and the Hyperledger project to explore blockchain pilots.
DTCC’s Strategic Acquisition of Securrency
Frank La Salla, President and CEO of DTCC, emphasized the strategic significance of acquiring Securrency. He stated that it would enable end-to-end digital lifecycle processing for tokenized assets, digital currencies, and other financial instruments, driving market-wide transformation.
Hot Take: DTCC Expands Blockchain Presence with Securrency Acquisition
The acquisition of Securrency by DTCC showcases the clearing giant’s commitment to embracing blockchain technology. By integrating digital assets into its existing products and services, DTCC aims to create a robust infrastructure for the widespread adoption of digital assets. This move aligns with the growing trend of financial heavyweights leveraging distributed ledger technology to enhance efficiency, compliance, and interoperability in the industry.
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