DTCC Acquires Blockchain Firm Securrency
The financial services company DTCC has announced its acquisition of blockchain technology firm Securrency, according to a press release. This acquisition will result in Securrency becoming a wholly-owned subsidiary of DTCC and operating under the name DTCC Digital Assets. Led by former State Street crypto executive Nadine Chakar, Securrency provides a platform that enables clients to tokenize real-world assets using its patented compliance technology.
Fast-Tracking Development of Enterprise Digital Asset Platform
The acquisition of Securrency for $50 million will allow DTCC to fast-track the development of its enterprise digital asset platform. Bloomberg reported that this move aims to unlock the potential of institutional decentralized finance (DeFi). In a statement, Chakar expressed excitement about combining DTCC’s infrastructure capabilities with Securrency’s technology to support the digitization of capital markets and facilitate the mass adoption of digital assets.
DTCC’s Involvement in Blockchain
DTCC has a history of involvement in the blockchain space. In 2022, the company conducted tests on a private blockchain designed for clearing and settling stock trades. This initiative aims to improve efficiency and settlement speed, as traditional equity trades in the U.S. take two days to settle. Paxos is another player in the securities settlement space, waiting for regulatory approval to expand its platform, which would offer real-time clearing and compete with DTCC.
Hot Take: DTCC Acquires Securrency to Drive Digital Asset Innovation
The acquisition of Securrency by DTCC demonstrates the financial services company’s commitment to embracing digital asset innovation and leveraging blockchain technology. By combining DTCC’s infrastructure capabilities with Securrency’s compliance technology, they aim to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. This move also positions DTCC to tap into the potential of institutional DeFi and fast-track the development of its enterprise digital asset platform. As the digitization of capital markets continues to evolve, DTCC is positioning itself at the forefront of this transformation.
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