DTCC bets on blockchain by acquiring digital infrastructure company amid Bitcoin ETF optimism News ▸ US ▸ Bitcoin ▸ Investments
DTCC bets on blockchain by acquiring digital infrastructure company amid Bitcoin ETF optimism
DTCC aims to facilitate the development of regulatory compliant new blockchain-based solutions.
2 min read
Updated: Dec. 12, 2023 at 11:37 am UTC
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Depository Trust and Clearing Corporation (DTCC) acquired Securrency, a digital asset infrastructure provider, for an undisclosed sum, according to a Dec. 11 statement.
The acquisition enables DTCC to build a digital asset platform catering to institutional DeFi services.
Additionally, it empowers the traditional financial services infrastructure provider to integrate digital assets into its existing services. Also, it would facilitate the development of new blockchain-based solutions that adhere to regulatory frameworks.
Furthermore, DTCC aims to collaborate with various industry stakeholders, including buy-side asset managers, broker-dealers, and custodians, to explore innovative applications of blockchain technology.
DTCC is a US-based financial services company that provides centralized clearing, settlement, and information services for a wide range of securities products, thereby facilitating the transfer of funds and securities in the global financial markets
Frank La Salla, President of DTCC, noted that the acquisition will help unlock the potential of digital assets. He highlighted the transformational impact resulting from the fusion of these companies and expressed optimism about the prospects of institutional DeFi. La Salla said:
“[The acquisition will] help the industry unlock the value of digital assets and drive market-wide transformation. We look forward to providing global leadership to establish a robust digital infrastructure that protects the safety and soundness of financial markets and delivers on the enormous promise and potential of institutional DeFi in the coming years.”
Following the deal, Securrency will be rebranded into DTCC Digital Assets and operate as a division within DTCC that reports to managing director and Chief Information Officer Lynn Bishop.
DTCC’s website listing of spot Bitcoin ETFs spurs optimism
Meanwhile, DTCC has garnered attention recently from the crypto community due to the appearance of several pending spot Bitcoin ETF application tickers on its website.
These ETFs listed on the DTCC website do not represent an official endorsement from regulators, but it has contributed to boosting investor confidence in the potential approval of these funds. DTCC plays a pivotal role in providing clearing and settlement services for markets like NASDAQ, sparking the current optimism among crypto investors.
Simply put, the appearance of these ETFs on the DTCC platform represents preliminary groundwork for obtaining a ticker symbol and a unique identification code, CUSIP, necessary for any ETF awaiting approval from the U.S. Securities and Exchange Commission.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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