It Is Reported That Citigroup Is Developing A New Cryptocurrency Product
After undisturbed days at the end of 2017, cryptocurrency enthusiasts are still looking for some “ways” that can raise the price of bitcoins. This can happen in the form of a new product launched by Citigroup, an American multinational investment bank and financial services corporation headquartered in New York City.
Citigroup has created a product called Digital Asset Receipt (DAR), which, according to sources familiar with the project, will be the most direct way to invest in crypto currencywithout buying it. The structure will place digital currencies in the framework of existing regulatory regimes and will open for investors from Wall Street a less risky way of investing in a new asset class.
DAR operates on the same principle as the American Depository Receipt (ADR), which allows US investors to invest in foreign shares that are not traded on US exchanges. At the same time, foreign shares are held by the bank, which then issues a depositary receipt.
Citigroup is one of the largest ADR issuers in the world. According to the company’s website, the bank began issuing depositary receipts in 1928 and received many awards for its offer.