Receipts Depositary explores XRP-backed securities: report

Receipts Depositary Corp. (RDC), a startup based by former Citigroup executives, plans to launch XRP-backed securities, in response to CoinDesk.

The transfer will permit establishments to entry XRP by way of U.S.-regulated market infrastructure.

RDC has not responded to crypto.information’ request for remark.

The information comes a couple of 12 months after RDC introduced the launch of the first-ever Bitcoin depositary receipt (BTC DR), bringing institutional-grade Bitcoin possession into the regulated U.S. securities ecosystem.

Modeled after American Depositary Receipts (ADRs), BTC DRs permit certified institutional consumers, or QIBs, to carry and commerce Bitcoin utilizing the identical infrastructure they use for conventional securities.

The XRP securities shall be cleared in a lot the identical approach by way of the Depository Belief Firm (DTC).

RDC’s co-founders—Ankit Mehta, Bryant Kim, and Ishaan Narain—every beforehand labored at Citigroup. The startup is backed by asset supervisor Franklin Templeton, monetary companies agency BTIG and enterprise capital agency Broadhaven Ventures.