The Depository Trust & Clearing Corporation (DTTC) has signed an agreement to acquire Securrency, a digital asset infrastructure developer. The acquisition will enable DTCC to gradually integrate digital assets into its existing products and services, the company said. Terms of the deal were not disclosed. It is expected to close “within the coming weeks.”
Security is renamed DTCC Digital Assets. Securrency’s top management and approximately 100 employees will remain with the company. The company 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 bringing together DTCCs […] 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.”
According to the statement, DTTC will also license Securrency technology and offer professional services. It will also promote Securrency interoperability between distributed ledger solutions. WisdomTree already uses security software in its WisdomTree Prime digital asset platform.
DTCC is the largest clearing and settlement service in the United States and has subsidiaries around the world. DTTC and its subsidiaries processed $2.5 trillion in securities settlements in 2022. The custody subsidiary provided custody and management of securities for securities issuances from more than 150 countries and territories worth $72 trillion.
At last month’s Sibos event, Securrency CEO @nchakar spoke on an expert panel titled “Automation Failure within Capital Markets: Why We Need to Talk Data.”
Watch the full panel discussion here: https://t.co/QW6V75pUeX#Sibos #Fintech #CapitalMarkets #Tokenization pic.twitter.com/USk1cfCYNm
— Security (@Securency) October 6, 2023
It is not new to blockchain technology as it made its debut in 2020. In December, it partnered with the Digital Dollar Project on a securities settlement pilot project using a simulated digital dollar to transact tokenized securities with T2. T1 and T0 settlements.
