DTCC to acquire digital asset infrastructure developer Securrency

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Glory Faleke

20.10.2023

DTCC to acquire digital asset infrastructure developer Securrency

The Depository Trust & Clearing Corporation (DTCC), a depository trust and clearing corporation, announced that it has signed a definitive agreement to acquire Securrency Inc. (Securrency), a leading developer of institutional-grade digital asset infrastructure.

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"The acquisition will enable DTCC to become a global leader in combining best-in-class industry practices with advanced digital technologies to drive the adoption and use of digital assets," the company said in a statement.

Securrency will become a subsidiary of DTCC, resulting in a name change to DTCC Digital Assets.

Securrency CEO Nadine Chakar will join DTCC as Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, Managing Director and Chief Information Officer of DTCC. He will also join DTCC's Management Committee.

Dan Doney, CTO and founder of Securrency, John Hensel, COO and co-founder, and approximately 100 Securrency employees will join DTCC.

The transaction is expected to close within weeks.

"Securrency is an important strategic acquisition that gives us the technology to drive market transformation by providing end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments. By combining DTCC's commitment to market stability and our unparalleled network of financial market participants with Securrency's sophisticated technology, we will be in a leadership position to unlock the value of digital assets and help drive the industry's digital transformation. We believe the next generation of financial market infrastructure will further reduce settlement times, promote market transparency and risk management, enhance regulatory oversight and control, and unlock efficiencies and innovation to improve the investor experience," said Frank La Salla, CEO of DTCC.

In addition, DTCC will lead the industry in developing a robust global digital infrastructure by licensing Securrency technology and providing professional services. Firms will be able to use this technology to transform and evolve their operating models and create innovative, new digital asset services on their own or in collaboration with other market participants.

DTCC also plans to leverage its ability to foster industry-wide collaboration to avoid fragmentation among different digital technologies and standards. Securrency technology will help address this issue by serving as a harmonization layer independent of DLT that promotes interoperability, liquidity, transparency, and security.

The Depository Trust & Clearing Corporation emphasized that its digital asset strategy is focused on building a digital infrastructure to extend its core services to the digital asset ecosystem and enable contactless end-to-end processing.

From 20 offices around the world, DTCC and its subsidiaries automate, centralize, and standardize the processing of financial transactions, reducing risk, increasing transparency and improving productivity and efficiency for thousands of broker/dealers, custodians and asset managers. In 2022, DTCC's subsidiaries processed $2.5 quadrillion in securities transactions, and its custody subsidiaries provided custody and asset servicing for $72 trillion in securities from more than 150 countries and territories.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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DTCC to acquire digital asset infrastructure developer Securrency

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