The Depository Trust & Clearing Corporation (DTTC) has signed an agreement to acquire Securrency, a digital asset infrastructure developer. The acquisition will allow DTCC to embed digital assets gradually in its existing products and services, it said. Terms of the deal were not disclosed. It is expected to close “within the next several weeks.”

Securrency will be renamed DTCC Digital Assets. Securrency’s top management and around 100 employees will remain with the company. The company was backed by State Street, U.S. Bank, WisdomTree and Abu Dhabi Catalyst Partners and partnered with cybersecurity and digital asset custodian GK8. DTCC president, CEO and director Frank La Salla said in a statement:

“By bringing together DTCC’s […] 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.”

DTTC will also license Securrency technology and offer professional services, according to the statement. It will also promote Securrency’s interoperability among distributed ledger solutions. WisdomTree already uses Securrency software in its WisdomTree Prime digital asset platform.

Related: Bank of America partnership with Paxos will allow same-day trade settlements

DTCC is the largest clearing and settlement service in the United States and has subsidiaries worldwide. DTTC and its subsidiaries processed $2.5 quadrillion in securities settlements in 2022. Its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories worth $72 trillion.

At last month’s Sibos event, Securrency CEO @nchakar spoke on an expert panel entitled “Automation failure within capital markets: why we need to talk about data”.

Watch the full panel discussion here: https://t.co/QW6V75pUeX#Sibos #Fintech #CapitalMarkets #Tokenization pic.twitter.com/USk1cfCYNm

— Securrency (@Securrency) October 6, 2023

It is not new to blockchain technology, having begun to move into the space in 2020. In December, it collaborated with the Digital Dollar Project on a securities settlement pilot project that used a simulated digital dollar to carry out transactions with tokenized securities with T2, T1 and T0 settlements.

The post Settlements giant DTTC acquires blockchain infrastructure developer Securrency appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 19, 2023 9:53 pm