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Edited by Kabir903 at 10-1-2024 10:44 PM
Three former executives who once worked at Citigroup have founded a new company called Receipts Depositary Corporation (RDC). After witnessing the market turmoil caused by Bitcoin ETFs, this company aims to explore alternative opportunities outside the jurisdiction of the U.S. Securities and Exchange Commission (SEC) for legally trading cryptocurrencies.
RDC is seeking to issue the first batch of Bitcoin depositary receipts, similar to American depositary receipts for foreign stocks. According to a press release, this issuance, referred to as BTC DR, will enable institutions to trade Bitcoin securities in U.S.-regulated markets and settle through a custodial trust without undergoing scrutiny from the SEC.
Ankit Mehta, co-founder and CEO of RDC, stated that this provides investors, including hedge funds, family offices, corporations, and institutional investors, with a conversion tool to transform their Bitcoin holdings into securities compliant with U.S. trading rules.
The press release also mentioned that Broadridge Corporate Issuer Solutions will serve as the transfer agent, and Anchorage Digital Bank will handle the custodianship of the underlying Bitcoin. Investors such as Franklin Templeton, BTIG, and Broadhaven Ventures have expressed their support for this initiative. |
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Post time 10-1-2024 21:18:12