US Depository Trust & Clearing Corporation DTCC to acquire blockchain startup Securrency

Depository Trust & Clearing Corp. (DTCC) has agreed to acquire startup Securrency Inc to provide blockchain technology and services for functions such as post-trade processing of tokenized assets. It is reported that DTCC is the world's largest and most advanced securities depository and clearing institution. DTCC will pay Securrency about $50 million, people familiar with the matter said. DTCC CEO Frank La Salla said Securrency’s technology could enable the DTCC to facilitate the issuance of securities such as ETFs on blockchain networks. The deal, expected to close in the coming weeks, is DTCC's first acquisition since it acquired post-transaction processing company Omgeo in 2013. Securrency said in a statement that approximately 100 employees will join DTCC. Following the acquisition, the company will be renamed DTCC Digital Assets and Securrency CEO Nadine Chakar will continue to run the unit while being appointed to the DTCC Management Board. (Bloomberg)