Benzinga - As tokenization gains popularity in the crypto industry, clearing house DTCC marked its presence in the acquisition space with the purchase of Securrency to gain a strong foothold for providing enhanced services to investors.
What Happened: The premier market infrastructure for the global financial services industry, Depository Trust & Clearing Corporation (DTCC) announced its definitive agreement to acquire startup company Securrency to position the former to encourage the adoption of digital assets. It marks the company’s first acquisition after 10 years.
The deal is expected to close in the upcoming weeks. DTCC paid around $50 million for the company, Bloomberg reports, citing people close to the matter.
Securrency is a developer of institutional-grade, digital asset infrastructure and will assist in providing blockchain technology and services for functions like post-trade processing of tokenized assets.
Carlos Vivas, director and senior principal engineer at DTCC, will be speaking at Benzinga's Future of Digital Assets conference on Nov. 14. He will be a prominent voice in the panel titled "Digital Asset Security: Navigating the Institutional Landscape." Attend and learn more about tokenization and its rising popularity in current traditional markets.
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With this strategic acquisition, Securrency will become a fully owned subsidiary of DTCC and will operate under the name DTCC Digital Assets. Securrency CEO Nadine Chakar will join DTCC as Managing Director and Global Head of DTCC Digital Assets, Bloomberg reports.
Why It Matters: The acquisition will enable end-to-end digital lifecycle processing for tokenized assets, digital currencies, and other financial instruments. Also, this next generation of financial market infrastructure will further reduce settlement times, and promote interoperability, liquidity, transparency, and security, all for an improved investor experience.
Securrency technology is likely to enable DTCC to facilitate the issuance of securities like ETFs on blockchain networks.
Find out more about how digital assets have led traditional service providers to explore the space for better user experiences. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
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