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Citigroup has reportedly developed a new, less risky way of investing in cryptocurrencies, Business Insider reported.
Sources familiar with the latest development told BI that the banking giant has created a “Digital Asset Receipt” or DAR, which will offer investors a direct way of making crypto investments without the need to own them.
The DAR works similar to an American Depository Receipt (ADR), which enables US-based investors to invest in foreign stocks that don't otherwise trade on US exchanges.
In the case of ADR, foreign shares are held by a bank, which then issues the depository receipt. The sources explained that in case of DAR, the cryptocurrency is held by a custodian and Citigroup issues the DAR. Once the receipt is issued, the bank will alert the Depository Trust & Clearing Corp.
According to the report, the project’s current stage of development and launch plans remain uncertain at the moment. However, Citi has started reaching out to potential partners.
Recent reports suggested that Nasdaq is seeking to list cryptocurrencies on its platform in 2019. Goldman Sachs, on the other hand, has reportedly put its crypto trading desk launch plans on hold.
