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Financial market infrastructure giant DTCC has inked a deal to buy Securrency as part of a planned digital assets push.\u00a0<\/p>\n
The deal is meant to quicken the development of a platform designed to \u201cunlock the power of institutional DeFi,\u201d DTCC said in a Thursday statement.<\/p>\n
The acquisition is set to close in the next few weeks. At that point, Securrency will become DTCC Digital Assets. Securrency CEO Nadine Chakar, who joined the firm from State Street in January, will lead the new DTCC subsidiary.\u00a0<\/p>\n
Terms of the deal were not disclosed. A DTCC spokesperson did not immediately return a request for comment.\u00a0<\/p>\n
Read more:<\/strong> Ex-State Street digital head to lead RegTech blockchain startup<\/a><\/p>\n New York-based DTCC, which offers clearing and settlement services, processes trillions of dollars in securities transactions daily, according to its website.<\/p>\n Securrency is a blockchain-based financial and regulatory technology developer that raised $30 million in 2021<\/a> from State Street, US Bank, WisdomTree Investments and others. It has worked with WisdomTree to help the asset manager launch \u201cblockchain-enabled\u201d funds<\/a> that keep a secondary record of share ownership on the Stellar or Ethereum blockchains.<\/p>\n \u201cSecurrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments,\u201d DTCC CEO Frank La Salla said in a statement.<\/p>\n La Salla added that \u201cthis next generation of financial market infrastructure\u201d is set to reduce settlement times, enhance regulatory oversight and improve investor experience.\u00a0<\/p>\n Tokenization<\/a> has been a hot topic over the past year.<\/p>\n BlackRock CEO Larry Fink called the tokenization of securities \u201cthe next generation for markets\u201d<\/a> late last year. Projects and companies in recent years have sought to bring physical and financial assets<\/a> \u2014 from debt securities to real estate properties \u2014 on-chain.<\/p>\n \u201cTogether, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain,\u201d Chakar said in a statement.\u00a0<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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