DTCC agrees to acquire Securrency
19 October 2023 United States
Image: immimagery
DTCC has signed an agreement to acquire Securrency, a developer of digital asset infrastructure.
As part of the mandate, Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets.
The acquisition, which is expected to close within the next few weeks, will enable DTCC to further embed digital assets within its existing products and services.
Nadine Chakar, CEO of Securrency, will join DTCC as managing director, global head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC managing director and chief information officer. Chakar will also join the DTCC management committee.
In addition, Dan Doney, chief technology officer of Securrency and its co-founder and chief operating officer John Hensel, will become DTCC employees. Additionally, other members of the Securrency leadership team, as well as approximately 100 Securrency staff, will become employees of DTCC.
DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. DTCC says Securrency’s technology can address this issue “by acting as a DLT-agnostic harmonisation layer that promotes interoperability, liquidity, transparency and security”.
By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will track development of its digital asset platform to take advantage of institutional DeFi.
It will utilise the technology over time to embed digital assets within its existing products and services, while developing new, regulatory-compliant blockchain-based offerings and exploring use cases with buy-side asset managers, broker-dealers and custodians to collaborate on new DTCC blockchain-based solutions.
Frank La Salla, president, CEO and director of DTCC, says: “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenised assets, digital currencies and other financial instruments.
“By bringing together DTCC’s commitment to provide 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.
“We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls and unlock efficiency and innovation to create an improved investor experience.”
Chakar adds: “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitisation of capital markets is at the forefront of innovation.
“These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on blockchain.”
As part of the mandate, Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets.
The acquisition, which is expected to close within the next few weeks, will enable DTCC to further embed digital assets within its existing products and services.
Nadine Chakar, CEO of Securrency, will join DTCC as managing director, global head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC managing director and chief information officer. Chakar will also join the DTCC management committee.
In addition, Dan Doney, chief technology officer of Securrency and its co-founder and chief operating officer John Hensel, will become DTCC employees. Additionally, other members of the Securrency leadership team, as well as approximately 100 Securrency staff, will become employees of DTCC.
DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. DTCC says Securrency’s technology can address this issue “by acting as a DLT-agnostic harmonisation layer that promotes interoperability, liquidity, transparency and security”.
By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will track development of its digital asset platform to take advantage of institutional DeFi.
It will utilise the technology over time to embed digital assets within its existing products and services, while developing new, regulatory-compliant blockchain-based offerings and exploring use cases with buy-side asset managers, broker-dealers and custodians to collaborate on new DTCC blockchain-based solutions.
Frank La Salla, president, CEO and director of DTCC, says: “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenised assets, digital currencies and other financial instruments.
“By bringing together DTCC’s commitment to provide 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.
“We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls and unlock efficiency and innovation to create an improved investor experience.”
Chakar adds: “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitisation of capital markets is at the forefront of innovation.
“These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on blockchain.”
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