DTCC Acquires Securrency in $50 Million Deal

Arnaldur October 21, 2023

The Depository Trust & Clearing Corporation (DTCC), a globally renowned market infrastructure for the financial services industry, has announced its move to acquire Securrency Inc., a leading developer of institutional-grade digital asset infrastructure. This strategic acquisition is set to position DTCC at the forefront of digital asset innovation, merging cutting-edge technology with established industry practices.

Securrency, upon acquisition, will become a fully-owned subsidiary of DTCC and operate under the name DTCC Digital Assets. Nadine Chakar, CEO of Securrency, will assume the role of Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC Managing Director, and Chief Information Officer. The acquisition includes key members of Securrency’s leadership team and approximately 100 staff, integrating them into the DTCC workforce.

Frank La Salla, President, CEO, and Director of DTCC, emphasized the transformative potential of this collaboration. The union of DTCC’s market stability commitment with Securrency’s sophisticated technology aims to streamline the entire lifecycle processing for tokenized assets, digital currencies, and various financial instruments. La Salla highlighted the expected benefits, including reduced settlement times, enhanced market transparency and risk management, improved regulatory oversight, and innovative investor experiences.

The integration of DTCC’s digital capabilities with Securrency’s advanced technology will fast-track the development of DTCC’s enterprise digital asset platform. This collaboration aims to unlock the potential of institutional DeFi (Decentralized Finance). DTCC plans to embed digital assets within its existing products, develop new regulatory-compliant blockchain-based offerings, and collaborate with industry stakeholders to explore innovative blockchain solutions.

DTCC intends to lead industry-wide collaboration efforts to prevent fragmentation due to different digital technologies and standards. Securrency’s technology acts as a harmonization layer, promoting interoperability, liquidity, transparency, and security across different blockchain networks. DTCC’s focus on establishing a control framework for digital asset securities and advancing dialogue on interoperability demonstrates its commitment to shaping the future of the digital asset ecosystem.

Nadine Chakar, incoming Managing Director of DTCC Digital Assets, expressed excitement about the collaboration, emphasizing the importance of embracing a future where the digitization of capital markets drives innovation. The joint efforts of DTCC and Securrency are poised to revolutionize compliance, liquidity, efficiency, and interoperability in trading real-world assets on the blockchain.

DTCC’s digital asset strategy underscores its dedication to providing end-to-end processing, exploring digital products, establishing control frameworks, executing client-driven pilots, and fostering industry-wide dialogue. This strategic move positions DTCC as a trailblazer in the digital asset landscape, promising a future of innovation and efficiency for the global financial markets.

Photo by Nicolas Jehly on Unsplash