Received Depositary Corp. (DRC), a start-up founded by a group of former Citigroup leaders, plans to launch titles supported by XRP, according to people familiar with the problem.
This will give institutions access to XRP titles (XRP) thanks to the American regulated market infrastructure.
The company will offer receipt receipts similar to American deposit receipts (ADR) which represent foreign shares on American scholarships.
The product will be offered to qualified institutional buyers only via transactions exempt from registration under the ACT Securities of 1933. As such, it does not need approval of the Securities and Exchange Commission (SEC).
Fox Business announced the news Friday earlier.
The titles will be deleted by the Depository Trust Company (DTC), similar to the already existing offers of Bitcoin DRC (BTC) and titles supported by Ether (ETH).
In a press release in January 2024, the founder and CEO of DRC, Ankit Mehta, said that the use of receipt receipts provides many advantages, such as their “proven structure, offering direct ownership of the subsequent assets Jacent and easy inclusion in institutional products ”.
Several companies have taken measures to bring XRP to an institutional crowd, because the native cryptocurrency of the Ripple network has experienced enormous growth in the past year. Several asset managers and fund suppliers negotiated on the stock market (ETF) have requested monitoring of the ETF of the XRP price.
The difference between an ETF and deposit receipts is that, although the actions of a potential ETF XRP are exchanged for money, the receipt receipts would offer direct property of the cryptocurrency.
