DTCC Digital Assets comes to life after acquisition of Securrency

Rick Steves

“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.”

The Depository Trust & Clearing Corporation (DTCC) has finalized its acquisition of Securrency Inc., a prominent developer of digital asset infrastructure. This deal, initially announced in October with the signing of a definitive agreement, represents a significant move for DTCC in the digital asset space.

Following the acquisition, DTCC has decided to retire the Securrency brand. The business is now renamed DTCC Digital Assets and will operate within DTCC under the supervision of Lynn Bishop, the Managing Director and Chief Information Officer.

Who is Lynn Bishop

Lynn Bishop is the Chief Information Officer (CIO) at The Depository Trust & Clearing Corporation (DTCC). In her role, she is responsible for overseeing the development and testing of all the technology that supports DTCC’s post-trade infrastructure. This includes their communications networks, processing, messaging systems, and the IT applications that underlie DTCC’s wide range of products and services.

Bishop’s tenure at DTCC has been marked by her leadership in several strategic IT initiatives. She has played a significant role in expanding and re-platforming the IT infrastructure for the Global Trade Repository (GTR) service and developing enhancements to improve settlement finality and transparency in the settlement of money market transactions. Additionally, she oversaw the transition to a T+2 settlement cycle in the US.

Her work extends beyond technology, as she is a strong advocate for diversity and inclusion. Bishop is dedicated to supporting the advancement of women in STEM careers and has been actively involved in DTCC’s diversity and inclusion efforts. She was appointed as DTCC’s senior sponsor of Girls Who Code, a national non-profit organization focused on closing the gender gap in technology.

Prior to her current role as CIO, Bishop served as DTCC’s Chief Development Officer (CDO) and before that, as Chief Technology Officer (CTO). Her nearly 15-year career at DTCC has seen her being instrumental in guiding the company’s technology decisions around the adoption of emerging technologies, including Distributed Ledger Technology (DLT), cloud computing, robotics, machine learning, and AI.

Enormous promise and potential of institutional DeFi

Frank La Salla, DTCC President, CEO, and Director, said the aim is to unlock the value of digital assets’ value, drive industry-wide transformation, and enter the DeFi realm. “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.”

DTCC plans to license the Securrency technology to other firms, enabling them to transform their operating models and create innovative digital asset services by reimagining compliance, liquidity, efficiency, and interoperability in trading real-world assets on the blockchain.

The company also intends to spearhead efforts to standardize digital technologies to prevent market fragmentation by building consensus around the standards, controls, and frameworks necessary to support regulatory-compliant digital asset solutions.

DTCC’s digital asset strategy aims to extend its core services to the digital asset ecosystem and deliver end-to-end, no-touch processing. Its priorities include exploring digital products and services, establishing a control framework for digital asset securities, executing client-driven pilots, and fostering industry dialogue on interoperability.

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