DTCC CEO Addresses Blockchain Disruption in Annual Shareholder Letter

DTCC's CEO remarked in a new shareholder letter that the company seeks a leadership role in the development of blockchain tech.

AccessTimeIconApr 14, 2016 at 6:54 p.m. UTC
Updated Sep 11, 2021 at 12:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

In a letter to shareholders, the chief executive of major US clearinghouse DTCC wrote that the company seeks to be "at the forefront" of the development of blockchain and distributed ledger applications in the finance space.

President and CEO Michael Bodson wrote in the letter that the company – which recently held a symposium on the technology and is working with industry startup Digital Asset Holdings on a post-trade blockchain trial – wants to play an active role in the exploration and adoption of the technology

Under a subsection entitled "Embracing Disruption", Bodson described how DTCC sought counsel with industry stakeholders, going as far as establishing an "Office of Blockchain Strategies and Research" to spearhead internal experimentation.

Bodson wrote:

"We intend to be at the forefront of this issue by helping to spearhead industry experiments and use cases, serving as a leader in the governance of open source, fostering collaboration among market participants and by making strategic investments in partners that can help advance the technology."

Bodson called the potential presented by the technology a "once-in-a-generation opportunity", while at the same time reflecting on the oft-hyped nature of blockchain – a possible nod to a January white paper released by DTCC that aimed to calm expectations at major financials.

"While the rhetoric may have been overheated at times, the fact is that we are excited by this once-in-a-generation opportunity to reimagine the post-trade infrastructure to address long-standing operational challenges," he wrote.

While Bodson did not make specific commitments or announcements in the letter, DTCC has moved in recent weeks to stake its ground in the blockchain space, announcing its partnership with Digital Asset and indicating that it would be open to an evolution of its business model in the face of a shifting technological landscape.

Images via DTCC, Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about