Key U.S-based clearinghouse Depository Trust & Clearing Corp. (DTCC) has agreed to buy institutional blockchain infrastructure provider Securrency to expand its digital asset capabilities.

According to a Thursday press release, Securrency will become DTCC's fully-owned subsidiary under the name DTCC Digital Assets.

The purchase highlights the increasing convergence between traditional financial (TradFi) plumbing and blockchain technology as banks, asset managers push to tokenize real-world assets (RWA).

DTCC is the clearinghouse for the U.S. stock markets, processing $2,500 trillion worth of securities transactions last year. Securrency provides institutions with blockchain-based regulatory technology on top of existing legacy systems to enable digital asset adoption in a compliant manner.

Tokenization stands for placing old-school assets such as private equity, credit and real estate to blockchain rails, making operations more efficient and transactions cheaper. Digital asset manager 21.co forecasted in a report that the market for tokenized assets could mushroom to between $3.5 trillion and $10 trillion by 2030.

Read more: Banking Giants Abuzz About Tokenization of Real-World Assets as DeFi Craves Collateral

"We are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitization of capital markets is at the forefront of innovation," Securrency CEO Nadine Chakar, said in a statement. Chakar previously was head of digital at asset management giant State Street before joining Securrency.

"These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets," Chakar added. "Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain.”

The press release didn't disclose the purchase price, but Bloomberg reported it was around $50 million.