The Depository Trust & Clearing Corporation (DTCC), a leading provider of post-trade infrastructure and services, announced today that it has completed the acquisition of Securrency, a blockchain-based fintech company that offers a suite of tools for digital asset issuance, compliance, and trading.
The deal, which was first announced in October 2023, marks a significant milestone for the integration of traditional finance and crypto markets, as DTCC aims to leverage Securrency’s technology to enhance its existing offerings and create new solutions for its clients.
Securrency is known for its patented Compliance Aware Token (CAT) framework, which enables the creation of smart securities that can automatically enforce regulatory rules and contractual obligations across different jurisdictions and platforms. Securrency also offers a decentralized exchange (DEX) platform that allows users to trade digital assets with low latency, high liquidity, and minimal fees.
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By acquiring Securrency, DTCC hopes to expand its capabilities in the digital asset space and offer more value-added services to its customers, such as tokenization, custody, settlement, and reporting. DTCC also plans to collaborate with Securrency to develop new products and standards for the emerging crypto industry, such as interoperability protocols, identity solutions, and governance models.
“Securrency is a pioneer in the digital asset space, and we are thrilled to welcome them to the DTCC family. This acquisition will enable us to accelerate our innovation agenda and deliver cutting-edge solutions that meet the evolving needs of our clients and the market,” said Michael Bodson, President and CEO of DTCC.
“DTCC is a trusted leader in the global financial system, and we are honored to join forces with them. Together, we will leverage our complementary strengths and expertise to create a more efficient, secure, and inclusive financial ecosystem for the benefit of all stakeholders,” said Dan Doney, Co-Founder and CEO of Securrency.
DTCC’s clients include banks, broker-dealers, asset managers, mutual funds, hedge funds, insurance companies, and other financial institutions that participate in the U.S. and global capital markets. DTCC processes over $2 quadrillion worth of securities transactions annually and provides clearing, settlement, risk management, and data services for various asset classes.
Bitcoin, Ethereum-based projects see fresh venture Funds.
In this week’s funding wrap, we take a look at some of the latest investments in the crypto space, focusing on Bitcoin and Ethereum-based projects. These projects aim to provide innovative solutions for various use cases, such as decentralized finance, gaming, identity, and scalability.
Chainflip, a cross-chain liquidity protocol that enables fast and secure swaps between any blockchain, raised $6 million in a seed round led by Framework Ventures and ParaFi Capital. Other investors include CoinFund, Delphi Digital, Maven 11, and KR1. Chainflip plans to launch its mainnet in Q1 2024 and integrate with Bitcoin, Ethereum, Polkadot, Cosmos, and Avalanche.
Immutable, a layer-2 scaling solution for Ethereum-based NFTs and gaming, raised $60 million in a Series B round led by BITKRAFT Ventures and King River Capital. Other investors include Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, and AirTree Ventures. Immutable claims to offer zero gas fees, instant trades, and carbon neutral NFTs.
Magic, a passwordless authentication platform that leverages blockchain technology and decentralized identity standards, raised $27 million in a Series A round led by Northzone. Other investors include Tiger Global, Volt Capital, CoinFund, Digital Currency Group, and Placeholder. Magic aims to provide a seamless and secure login experience for web3 and web2 applications.
StarkWare, a scalability and privacy solution for Ethereum using zero-knowledge proofs, raised $50 million in a Series B round led by Sequoia Capital. Other investors include Paradigm, Founders Fund, Wing Venture Capital, DCVC, Scalar Capital, and Semantic Ventures. StarkWare powers several projects in the DeFi space, such as dYdX, Immutable X, and DeversiFi.
Wintermute, a crypto market maker that provides liquidity for spot and derivatives exchanges, raised $20 million in a Series B round led by Lightspeed Venture Partners. Other investors include Pantera Capital, Sino Global Capital, Kenetic Capital, Rockaway Blockchain Fund, and Hack VC. Wintermute plans to expand its team and product offerings, as well as explore new markets and regions.