Blockchain move from Wall Street giant

The Depository Trust & Clearing Corporation (DTCC), one of the key players on Wall Street, has taken a step into the blockchain world. DTCC, which provides clearing and settlement services to financial markets, has acquired the blockchain technology company Securrency. It was reported that the company aims to strengthen its position in the DeFi sector with this move.

According to a report by Bloomberg, DTCC will pay 50 million dollars for Securrency. Making statements regarding the matter, DTCC CEO Frank La Salla stated that by using the technology developed by Securrency, securities such as exchange-traded funds could be produced on blockchain networks.

While the deal is expected to be completed in the coming weeks, this will be the first time since 2013 that DTCC has added a company to its structure. The company processed 800 million securities transactions in 2021. This figure corresponded to a total of 2.37 quadrillion dollars.

Under the agreement, Securrency's 100 employees will join DTCC. Securrency will be rebranded as DTCC Digital Assets. The company will be managed by Securrency CEO Nadine Chakar.

Chakar expressed her excitement about combining DTCC's infrastructure capabilities with Securrency's technology during the process of market digitalization.

News Source: 12punto