Wall Street Urged by Key Utility to Mull Upgrade to Blockchain
- DTCC sees `once-in-a-generation opportunity' to modernize
- Research follows DTCC's investment in blockchain startup
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Depository Trust & Clearing Corp., the organization that processes all trades in the $22 trillion U.S. stock market, said the financial industry should collaborate to modernize its systems with the blockchain software that powers bitcoin.
It’s another significant endorsement for the technology, which promises to radically speed up and simplify trade clearing and settlement -- the process of swapping assets between buyers and sellers. Last week, DTCC was among a group of investors that bought stakes in Digital Asset Holdings, which is developing financial applications for blockchain, at the same time the startup won a contract to handle stock settlement in the Australian stock market.