The company founded by former Citigroup executives plans to offer Bitcoin depositary receipts
With speculation about the imminent approval or rejection of a Bitcoin ETF reaching fever pitch, a group of former Citigroup executives has started offering securities backed by Bitcoin, claiming that these securities do not require approval from US regulatory agencies. The newly issued product is called Bitcoin Depositary Receipts and will be similar to American Depositary Receipts representing foreign stocks. The startup company, named Receipts Depositary Corporation (RDC), plans to issue the first batch of Bitcoin Depositary Receipts to qualified global institutional investors who meet the exemption from registration requirements under the Securities Act of 1933.
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