DTCC Secures Deal To Purchase Blockchain Firm Securrency
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The Depository Trust & Clearing Corporation (DTCC) has entered a deal to purchase Securrency, a blockchain-based fintech company. The deal could have significant effects on the industry, but the financial details have not been revealed.
According to DTCC, this acquisition will close in the coming weeks. The deal will position DTCC among the industry leaders by integrating industry practices and advanced digital technology. The move will bolster the acceptance and adoption of digital assets.
DTCC Agreed To Buy Securrency
Under this deal, Securrency will operate as a fully-owned subsidiary of DTCC. The blockchain fintech will also operate under the DTCC Digital Assets name. The CEO of Securrency, Nadine Chakar, will be the new head of this unit. 100 employees will also join her in leading this new unit.
It is not the first time that DTCC is exploring the digital assets industry. The company has in the past explored digital assets and distributed ledger technology. In 2022, the company announced the release of a DLT-based alternative settlement platform. This platform was released on a parallel production environment.
DTCC has said that the technology offered by Securrency would fast-track the development of its enterprise digital asset platform. The offering will also unlock the capabilities of institutional decentralized finance (DeFi).
DTCC will use Securrency’s technology over time to integrate digital assets within its existing products and services. It will also create new blockchain-based offerings that are compliant with the set regulatory frameworks. It will also explore different use cases within the industry.
Strategic Acquisition
This acquisition will have significant benefits to both DTCC and Securrency. DTCC is planning to license the technology offered by Securrency. It will also provide a variety of professional services to firms seeking digital asset solutions.
Other firms will also leverage technology to launch new digital asset services independently or by collaborating with other firms operating within the same market.
The president, CEO, and director of DTCC, Frank La Salla, opined that the acquisition supported DTCC’s commitment to guarantee market stability and give financial market participants the sophistication of Securrency’s technology. It will also unlock the value of digital assets while supporting the company’s journey towards digital transformation.
“Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies, and other financial instruments,” Frank La Salla said.
