The Depository Trust & Clearing Corporation (DTCC) has entered into an agreement to acquire Securrency, a digital asset infrastructure developer. This acquisition marks a significant move for DTCC to incorporate digital assets into its existing suite of products and services. While the terms of the deal have not been disclosed, it is expected to conclude in the coming weeks.
Following the acquisition, Securrency will be rebranded as DTCC Digital Assets, and its existing leadership team and approximately 100 employees will continue to be part of the organization. Securrency, with backing from notable entities such as State Street, U.S. Bank, WisdomTree, and Abu Dhabi Catalyst Partners, is renowned for its collaboration with cybersecurity and digital asset custody firm GK8. DTCC's President, CEO, and Director, Frank La Salla, noted that this strategic acquisition would position DTCC as a leader in realizing the potential of digital assets.
The partnership will also entail DTCC licensing Securrency's technology and offering professional services. Additionally, it will facilitate interoperability for Securrency across various distributed ledger solutions. WisdomTree, which currently utilizes Securrency software in its WisdomTree Prime digital asset platform, is one of the notable entities making use of Securrency's technology.
DTCC is the most extensive organization providing clearing and settlement services in the United States and maintains subsidiaries worldwide. In 2022, DTCC and its subsidiaries processed an impressive $2.5 trillion in securities settlements. Furthermore, its custody subsidiaries are responsible for providing custody and asset services for securities with a total value of $72 trillion issued in over 150 countries and territories. DTCC has been actively involved in blockchain technology, having ventured into this space back in 2020. In December, it partnered with the Digital Dollar Project to initiate a securities settlement pilot program, employing simulated digital dollars for conducting tokenized securities transactions with T2, T1, and T0 settlements.
