Today State Street Digital announced it is working with blockchain securities startup Digital Securities Depository Corporation (DSDC) to provide custody services for digital depositary receipts (DDR). DSDC operates a blockchain platform for regulated financial institutions that enables Americans to trade UK stocks.
American Depositary Receipts (ADRs) are a trillion-dollar market. DSDC’s platform enables a digital version of unsponsored ADRs, initially for UK FTSE 350 companies to be traded in dollars in the US with state-side custody and settlement in DTC.
“Having them (State Street) take care of the custody activities for the underlying securities of our digital cross-border securities brings considerable confidence to both investors and our other network members,” said Alistair Jones, CEO of DSDC.
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