Citi Alumni-Founded Startup to Offer Bitcoin Securities That Don't Need Green Light From SEC
Receipts Depositary Corp. aims to address the institutional desire for bitcoin investments that may not be satisfied by a spot ETF.
A group of former Citigroup executives plans to offer bitcoin-backed securities they say don't need to be approved by the U.S. Securities and Exchange Commission (SEC).
Receipts Depositary Corp. (RDC) will offer depositary receipts similar to the American depositary receipts (ADRs) that represent foreign stocks on U.S. equity exchanges. The "BTC DRs" will be offered to institutions and cleared through the Depository Trust Company (DTC), according to a press release on Thursday.
RDC will offer bitcoin depositary receipts to investors in transactions exempt from registration under the Securities Act of 1933. The offering will start in the coming weeks, according to the statement.
"There are many benefits to using depositary receipts, such as their tried and true structure, providing direct ownership of the underlying asset and easy inclusion in institutional products," Ankit Mehta, co-founder and CEO of RDC, said in the release.
RDC aims to address the institutional desire for bitcoin investments that may not be satisfied by a spot exchange-traded fund (ETF). The SEC is expected to approve the listing of a spot BTC ETF in the U.S. in the very near future.
Whereas shares in bitcoin ETFs would be redeemed for cash, depositary receipts would offer direct ownership of bitcoin, Mehta told Bloomberg, which reported the news earlier. Anchorage Digital Bank National Association will provide custody of the underlying bitcoin.
Read More: Bitcoin ETFs Could Spark Huge BTC Trading. The Market Appears Up to the Task
UPDATE (Jan. 04, 14:48 UTC): Removes Bloomberg attribution; adds company release, CEO quote and custodian detail.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
