The Acquisition Overview
The Depository Trust & Clearing Corporation (DTCC) has announced a significant partnership by acquiring Securrency, a company specializing in digital asset infrastructure. This move, which allows DTCC to gradually integrate digital assets into its existing product suite, is set to reshape the landscape of digital securities. The exact financial terms of the deal remain under wraps, but the completion is anticipated within the upcoming weeks.
Transformation of Securrency
Following the acquisition, Securrency will be rebranded as DTCC Digital Assets. This strategic shift means that the top brass at Securrency, along with approximately 100 employees, will remain integral to the newly formed entity, ensuring continuity in expertise and operational knowledge. Interestingly, Securrency was previously supported by notable entities including State Street, U.S. Bank, and WisdomTree, highlighting its significant presence in the financial tech landscape.
The Vision Behind the Acquisition
DTCC President and CEO Frank La Salla expressed optimism about the future: “By bringing together DTCC’s network with Securrency’s sophisticated technology, we will unlock the value of digital assets.” The combination aims to empower DTCC in offering enhanced interoperability among distributed ledger solutions, potentially revolutionizing the way financial assets are traded and settled.
Licensing and Interoperability
DTCC is not just stopping at acquisition but plans to license Securrency’s cutting-edge technology and provide a range of professional services. This could mean an exciting future where digital assets are seamlessly integrated into existing systems, making transactions faster and more efficient.
DTCC’s Dominance in the Market
As the largest clearing and settlement service in the United States, DTCC holds an impressive record, processing a staggering $2.5 quadrillion in securities settlements in 2022 alone. Its extensive global network has facilitated custody and asset servicing for securities valued at a whopping $72 trillion across more than 150 countries.
Securrency’s Journey into Blockchain
Securrency is not a newcomer to blockchain technology; in fact, it began its foray into this realm in 2020. Notably, it collaborated with the Digital Dollar Project last December, successfully piloting a securities settlement system that utilized a simulated digital dollar for transactions involving tokenized securities. This pilot demonstrated Securrency’s commitment to pushing the envelope in digital asset transactions.
