The focus of investors and the market SEC’s spot Bitcoin ETF While the decision was being made, a new move came from a group of former executives of Citigroup.
According to Bloomberg news A group of former Citi executives decided to launch a product that does not require SEC approval, a security backed by Bitcoin.
In the statement, it was stated that this Bitcoin-supported product, which is planned to be launched, is similar to spot Bitcoin ETFs, but does not require SEC approval.
“Bitcoin Depository Receipts (BTC DR)” This product, called ADR, is similar to American Depositary Receipts.
The name of the company that will issue BTC DR has been determined as “Receipts Depositary Corp (RDC). It was stated that former Citigroup executives Bryant Kim, Ishaan Narain and Ankit Mehta were among the founders of RDC.
The following statements were made in the statement:
“BTC DRs will be offered to institutional investors and approved through the Depository Trust Company (DTC), becoming a DTC approved investment contract.
At this point, RDC will issue and offer BTC DRs to investors, which will be exempt from registration under the Securities Act of 1933.
BTC DRs will be offered to global and institutional company investors in the first phase.
“These Bitcoin-supported products will give corporate companies the opportunity to directly invest in Bitcoin.”
Finally in the statement BitcoinIt was stated that the storage service of ‘s will be provided by Anchorage, also known as the crypto bank.
It was also stated that RDC company received investments from companies such as Franklin Templeton, BTIG and Broadhaven Ventures, which are among the important names of the cryptocurrency market.
*This is not investment advice.
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