US-based financial services company Depository Trust & Clearing Corporation (DTCC) has signed a definitive agreement to purchase blockchain-based fintech Securrency.
DTCC did not disclose the financial terms of the transaction, which is expected to close within the next few weeks.
Securrency provides digital asset infrastructure for institutions to support trading, settlement and servicing of digital assets and securities.
Through the deal, DTCC aims to accelerate the development of its enterprise digital asset platform to unlock the potential of institutional decentralised finance (DeFi).
Over time, DTCC plans to leverage Securrency’s technology to incorporate digital assets into its existing offerings and create new blockchain-based products and services.
It will also explore use cases for working with industry players such as custodians, broker-dealers and buy-side asset managers to develop DTCC blockchain-based solutions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Under the agreement, Securrency will become a wholly owned subsidiary of DTCC and operate under the DTCC Digital Assets name.
Securrency’s leadership team and 100 full-time or contract staff will join DTCC.
DTCC president, CEO and director Frank La Salla said: “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 tokenised assets, digital currencies and other financial instruments.
“By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey.”
Securrency CEO Nadine Chakar will join DTCC as managing director and global head of DTCC Digital Assets.
Chakar said: “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitisation of capital markets is at the forefront of innovation.”