The Depository Trust & Clearing Corp. (DTCC) Acquires Blockchain Startup Securrency Inc.
The Depository Trust & Clearing Corp. (DTCC) has made its first acquisition in a decade by acquiring blockchain startup Securrency Inc. for approximately $50 million. This move highlights DTCC’s commitment to expanding its blockchain technology offerings in the financial services industry. The acquisition is expected to play a crucial role in advancing the issuance of financial instruments, such as exchange-traded funds (ETFs), on blockchain platforms.
DTCC’s Venture into Blockchain
This strategic acquisition represents DTCC’s significant foray into the blockchain space. Industry experts believe that blockchain has the potential to revolutionize financial markets by streamlining processes. According to Citigroup analysts, up to $5 trillion in traditional financial assets could be represented as digital tokens on blockchain networks by the end of the decade.
Integration and Standardization
After the acquisition, Securrency’s workforce of around 100 employees will be integrated into DTCC, and the company will be rebranded as DTCC Digital Assets. Nadine Chakar, the current CEO of Securrency, will continue to lead the unit and join DTCC’s management committee. This acquisition may also contribute to standardizing an industry that has been grappling with diverse and incompatible blockchain systems.
Hot Take: DTCC Expands Blockchain Footprint with Securrency Acquisition
The acquisition of Securrency Inc. by DTCC signals a significant step forward in the adoption of blockchain technology within the financial services sector. With this strategic move, DTCC aims to enhance its offerings and explore opportunities for issuing financial instruments on blockchain platforms like ETFs. As blockchain continues to gain traction, this acquisition positions DTCC at the forefront of innovation in the industry. By integrating Securrency’s expertise and rebranding it as DTCC Digital Assets, DTCC is poised to make a lasting impact in the standardization and advancement of blockchain technology.
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