Cryptocurrency
Citigroup has created a new, less risky way of investing in crypto — and it may be a game changer for the industry via @businessinsider
As reported by Business Insider, “Citigroup may have cracked the cryptocurrency code. “The New York-based bank has come up with perhaps the most direct way to invest in cryptocurrencies without actually owning them, according to people with knowledge of the plans. The structure would place cryptocurrencies within existing regulatory regimes and give big Wall Street […]
As reported by Business Insider, “Citigroup may have cracked the cryptocurrency code.
“The New York-based bank has come up with perhaps the most direct way to invest in cryptocurrencies without actually owning them, according to people with knowledge of the plans. The structure would place cryptocurrencies within existing regulatory regimes and give big Wall Street investors like asset managers and hedge funds a less risky way of investing in the fledgling asset class.
“Citi has developed an instrument it is calling a digital asset receipt. It works much like an American depositary receipt, which has been around for decades to give US investors a way to own foreign stocks that don’t otherwise trade on US exchanges. The foreign stock is held by a bank, which then issues the depositary receipt.”