The Depository Trust & Clearing Corp. (DTCC) has agreed to acquire blockchain startup Securrency for approximately $50 million. The acquisition is part of DTCC’s efforts to expand its digital ledger technology (DLT) offerings.
Securrency’s platform uses blockchain technology to create a distributed ledger of securities ownership. This allows for real-time settlement of trades, as well as improved transparency and auditability. DTCC plans to use Securrency’s technology to develop new post-trade solutions for a variety of asset classes.
DTCC Chief Executive Officer Frank La Salla said that this deal, which is expected to close in the coming weeks, marks DTCC’s first acquisition since 2013 when it took over post-trade processing firm Omgeo.
He further added, “will always be looking at new tech, and we have to because of the role we play as a strategic infrastructure provider to the industry.”
DTCC’s investment in Securrency is a signal that the company is committed to exploring the potential of blockchain to improve the post-trade infrastructure.
Following teh acquisition over 100 employees of Securrency will join DTCC and ther new copmpanmy will be known as DTCC Digital Assets. Securrency CEO Nadine Chakar will continue to lead the division while joining DTCC’s executive committee.
The acquisition is a sign of the growing interest in blockchain technology among financial institutions.
Also Read: Fireblocks Acquires Aussie Defi Startup BlockFold For $10M
