The Depository Trust & Clearing Corporation (DTTC) has signed an agreement to acquire Securrency, a digital asset infrastructure developer. The acquisition will allow DTCC to gradually incorporate digital assets into its existing products and services, it said. Terms of the deal were not disclosed. It is expected to close “in the next few weeks.”
Securrency will be renamed DTCC Digital Assets. Securrency’s top management and about 100 employees will remain with the company. The firm was backed by State Street, US Bank, WisdomTree and Abu Dhabi Catalyst Partners and partnered with cybersecurity and digital asset custodian GK8. DTCC President, CEO and Director Frank La Salla said in a statement:
“By combining DTCC’s network of financial market participants (…) with the sophistication of Securrency technology, we will be in a leading position to unlock the value of digital assets.”
DTTC will also license Securrency technology and offer professional services, according to the statement. It will also promote Securrency interoperability between distributed ledger solutions. WisdomTree already uses Securrency software in its WisdomTree Prime digital asset platform.
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DTCC is the largest clearance and settlement service in the United States and has affiliates worldwide. DTTC and its subsidiaries processed $2.5 trillion in securities settlements in 2022. Its depository subsidiary provided custody and asset servicing for securities issues from more than 150 countries and territories with a value of $72 trillion.
At last month’s Sibos event, Securrency CEO @nchakar spoke on an expert panel entitled “Automation failure within capital markets: why we must talk about data”.
Watch the full panel discussion here: https://t.co/QW6V75pUeX#Sibos #Fintech #Capital Markets #Tokenization pic.twitter.com/USk1cfCYNm
— Security (@Security) 6 October 2023
It is not new to blockchain technology, starting to move into the space in 2020. In December, it collaborated with the Digital Dollar Project on a securities pilot project that used a simulated digital dollar to conduct transactions with tokenized securities with T2, T1 and T0 settlements.
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