The American clearinghouse DTCC will acquire the blockchain startup Securrency
ChainCatcher news, according to Bloomberg, the Depository Trust & Clearing Corp. (DTCC) has agreed to acquire the startup Securrency Inc. to provide blockchain technology and services for post-trade processing of tokenized assets. It is reported that DTCC is the largest and most advanced securities depository and clearing organization in the world.
Insiders say that DTCC will pay about $50 million to Securrency. DTCC CEO Frank La Salla stated that Securrency's technology could enable DTCC to facilitate the issuance of securities such as ETFs on blockchain networks. This transaction is expected to be completed in the coming weeks, marking DTCC's first acquisition since it acquired the trade processing company Omgeo in 2013.
Securrency stated in a press release that approximately 100 employees will join DTCC. After the acquisition, the company will be renamed DTCC Digital Assets, and Securrency CEO Nadine Chakar will continue to operate the division while being appointed as a member of the DTCC management committee.