Jersey City-based Depository Trust & Clearing Corp. on Thursday announced its definitive agreement to acquire startup company Securrency to position DTCC to encourage acceptance and 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, according to Bloomberg, which cited people close to the matter.
Under the terms of the agreement, Securrency will become a fully owned subsidiary of DTCC and be renamed DTCC Digital Assets. Its top management and around 100 employees will remain with the company.
By combining DTCC’s digital capabilities and Securrency’s technology, DTCC said it will fast-track development of its enterprise digital asset platform to “unlock the power of institutional (decentralized finance).” DTCC will leverage the technology over time to embed digital assets within its existing products and services, develop new, regulatory-compliant blockchain-based offerings and explore use cases with the industry, including buyside asset managers, broker-dealers and custodians, to collaborate on new DTCC blockchain-based solutions.
“By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey,” Frank La Salla, president, CEO and director, DTCC, said.
DTCC is the largest clearing and settlement service in the U.S. and has subsidiaries worldwide. DTTC and its subsidiaries processed $2.5 quadrillion in securities settlements in 2022. Its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories worth $72 trillion.