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DTCC acquires Securrency to boost blockchain capabilities in financial services

TL;DR

  • DTCC acquired digital asset infrastructure provider Securrency, advancing its capabilities in blockchain and institutional DeFi services.
  • The integration of Securrency into DTCC will lead to innovative blockchain solutions, under the newly formed DTCC Digital Assets division.
  • Recent developments like the listing of pending Bitcoin ETFs on DTCC’s platform have raised investor confidence in the digital asset sector.

The Depository Trust and Clearing Corporation (DTCC), a leading player in the U.S. financial services sector, recently announced its acquisition of Securrency, a prominent digital asset infrastructure provider.

Securrency’s integration into DTCC’s portfolio is expected to facilitate the development of innovative blockchain solutions while adhering to regulatory standards. The new division, DTCC Digital Assets, will operate under the leadership of Lynn Bishop, the company’s Chief Information Officer.

Frank La Salla, President of DTCC, expressed enthusiasm about the acquisition’s potential to transform the digital asset landscape. “This move will help the industry unlock the value of digital assets and drive market-wide transformation,” said La Salla. He emphasized the importance of establishing a robust digital infrastructure that ensures the safety and soundness of financial markets.

Securrency’s role in DTCC’s plans

The Securrency brand will be phased out, and its technology will continue to be offered under license, as it powers digital asset offerings like those from WisdomTree Prime. Nadine Chakar, former CEO of Securrency, will now lead DTCC Digital Assets and join the DTCC management committee.

It is important to know that the corporation’s acquisition comes after its involvement in several blockchain-based initiatives, including Project Ion, a post-trade stock settlement solution, and a permissioned blockchain testnet using Hyperledger Besu. These strides aim to explore and integrate blockchain technology into its operations.

Spot Bitcoin ETFs and investor optimism

DTCC has also been in the spotlight recently due to the appearance of pending spot Bitcoin ETF application tickers on its website. Although not an official endorsement, this development has increased investor confidence in the potential approval of these funds. Listing these ETFs on DTCC’s platform is a preliminary step towards obtaining necessary regulatory approvals, further demonstrating DTCC’s pivotal role in the financial markets.

Last year, DTCC introduced Project Ion, a blockchain-based post-trade stock settlement solution. The system runs alongside the classic settlement system of DTCC, which continues to function as the system of record in order to comply with SEC regulations. Project Ion operates on R3’s Corda enterprise blockchain.

DTCC’s acquisition of Securrency signifies a major advancement in integrating digital assets into traditional financial services. By leveraging blockchain technology and collaborating with various industry stakeholders, DTCC is poised to lead the way in institutional DeFi, offering promising prospects for the future of digital finance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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