The Depository Trust & Clearing Corporation (DTCC) has reached an agreement to acquire the blockchain-based fintech firm Securrency. Financial details of the transaction have not been disclosed.
DTCC stated that the deal, expected to close within weeks, will establish the company as a leader in integrating top industry practices with cutting-edge digital technologies, thereby promoting the acceptance and adoption of digital assets.
Following the acquisition, Securrency will operate as a wholly-owned subsidiary under the name DTCC Digital Assets. Nadine Chakar, the CEO of Securrency, will lead the new unit, which will include approximately 100 staff members.
DTCC has a long-standing commitment to exploring digital assets and distributed ledger technology. Last year, the company’s DLT-based alternative settlement platform became operational in a parallel production environment.
The organization believes Securrency’s technology will accelerate the development of its enterprise digital asset platform, unlocking the potential of institutional DeFi. Over time, DTCC intends to integrate this technology within its existing products and services while developing new, regulatory-compliant blockchain offerings and exploring various use cases in cooperation with industry stakeholders.
Additionally, DTCC plans to license the Securrency technology and provide professional services, allowing firms to utilize the technology for developing new digital asset services independently or in partnership with other market players.
Frank La Salla, president, CEO, and director of DTCC, commented, “Securrency is an important strategic acquisition that will equip us with the technology to facilitate market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies, and other financial instruments. By combining DTCC’s commitment to market stability with our extensive network of financial market participants and the sophistication of Securrency’s technology, we will be well-positioned to unlock the value of digital assets and guide the industry through its digital transformation.”