DTCC completes acquisition of Securrency, rebrands business as DTCC Digital Assets
The Depository Trust and Clearing Corporation (DTCC) has completed the acquisition of digital asset infrastructure provider Securrency for an undisclosed sum.
DTCC completes acquisition of Securrency
The company has also announced that it is retiring the Securrency brand and renaming the business DTCC Digital Assets, which will operate internally within DTCC under the watch of managing director and CIO Lynn Bishop.
DTCC initially announced it had signed an agreement to buy the firm back in October, with plans to combine its own post-trade market infrastructure capabilities with Securrency’s blockchain-powered technology as it looks to tap into what CEO Frank La Sella calls “the enormous promise and potential of institutional DeFi”.
La Sella adds that the deal will “create a powerful combination that will help the industry unlock the value of digital assets and drive market-wide transformation”.
The company says it plans to leverage Securrency’s tech to boost the development of its enterprise digital asset platform as well as “embed digital assets within its existing products and services” and “develop new, regulatory-compliant blockchain-based offerings”.
It will also licence the Securrency technology to enable other companies to develop new digital asset services based on their own specific needs.
Launched in 2015, Securrency’s infrastructure solutions enable businesses to provide trading and settlement services for digital securities and assets. The company raised $17.6 million in Series A funding in 2020, which was followed by a $30 million Series B round in 2021.
