Citi Alumni Unveil Bitcoin DRs With SEC Approval
Ex-Citigroup Inc. executives have announced plans to launch Bitcoin-backed securities, unchained to the US SEC’s constraints.
The new securities, Bitcoin depository receipts, are similar to American depositary receipts representing foreign stocks. Startup Receipts Depositary Corporation (RDC) aims to unveil the initial Bitcoin depositary receipts for qualified global institutional investors, freeing itself from registrations under the Securities Act of 1933.
The BTC DRs aim to provide institutions access to Bitcoin securities via US-regulated market infrastructure, followed by Depository Trust Co. sanctioning.
(With inputs from Shikha Singh)
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