Depository Trust & Clearing Corporation (DTCC), a major player in Wall Street's financial ecosystem, announced the acquisition of blockchain technology firm Securrency, in a strategic move to strengthen its position in the rapidly developing decentralized finance (DeFi) sector.
DTCC Acquires Blockchain Technology Firm Securrency
The deal will result in Securrency becoming a wholly owned subsidiary of DTCC. It will now operate under the name DTCC Digital Assets.
Led by former State Street crypto executive Nadine Chakar, Securrency specializes in providing a robust platform for clients to tokenize real-world assets.
The company stands out for what it claims is “the industry's most comprehensive, patented compliance technology.”
Reports from Bloomberg indicate that DTCC acquired Securrency for $50 million.
According to the DTCC press release, this acquisition marks an important step in fast-tracking the evolution of the institutional digital asset platform to unlock the power of institutional DeFi.
Expressing her excitement about the collaboration, Nadine Chakar said: “As we join forces with DTCC, we are excited to bring together DTCC's infrastructure capabilities with Securrency's technology to embrace a future where the digitalization of capital markets is at the forefront of innovation.
“These capabilities will enable DTCC to partner with industry to create a flexible and scalable infrastructure critical to mass adoption of digital assets.”
*This is not investment advice.