DTTC Acquires Securrency, Aims for Progressive Integration of Digital Assets
Summary:
The Depository Trust & Clearing Corporation (DTTC) is set to acquire digital asset infrastructure developer Securrency, which will be renamed DTCC Digital Assets. This acquisition is aimed at gradually integrating digital assets into DTCC's existing products and services. DTTC will also license Securrency technology and offer professional services while promoting interoperability among various distributed ledger solutions. The company, backed by several significant entities, will retain its top management and approximately 100 employees.
The Depository Trust & Clearing Corporation (DTTC) has entered into a contract to purchase Securrency, a builder of digital asset infrastructure. This move is set to let DTTC integrate digital assets progressively into its current offerings. The specific terms of this purchase agreement remain undisclosed. The deal is predicted to come to fruition in the coming weeks. Securrency will undergo a name change to become DTCC Digital Assets, with its key management and a workforce of roughly 100 employees retaining their positions. Notable backers of the company included State Street, U.S. Bank, WisdomTree, and Abu Dhabi Catalyst Partners. Additionally, the firm collaborated with GK8, a cybersecurity and digital asset custodian. Frank La Salla, DTCC's president, CEO and director, commented that the merger of DTCC's network of financial market players with the sophisticated technology of Securrency places them at the forefront of realizing the potential of digital assets. Apart from acquiring Securrency, the DTTC plans to license its technology and provide relevant professional services, as stated. The entity will further encourage interoperability of Securrency amongst distributed ledger options. WisdomTree already incorporates the software of Securrency in its own digital asset platform, WisdomTree Prime.
The DTCC holds the mantle of the U.S.'s most extensive clearing and settlement service, with several international subsidiaries. In 2022 alone, the DTTC and its subsidiaries handled $2.5 quadrillion in securities settlements. Its depository counterpart offered custody and asset servicing for securities issued from beyond 150 nations and territories, equating to a $72 trillion worth. During the previous month's Sibos gathering, Securrency's CEO @nchakar participated in an expert panel discussion named "Automation failure within capital markets: why we need to talk about data".
DTTC initiated its journey in the blockchain sector in 2020. Last December, it joined forces with the Digital Dollar Project for a pilot securities settlement project which employed a simulated digital dollar to perform transactions with tokenized securities with T2, T1 and T0 settlements.
Published At
10/19/2023 9:42:29 PM
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