Citigroup to let investors trade custodian-held cryptocurrency, sources claim

Sean Lippel

September 10, 2018

https://www.passle.net/Content/Images/passle_logo-186px.png Passle https://passle.net

Sean Lippel

The multinational bank's planned crypto program allows institutional investor access through a Digital Asset Receipt (DAR) which will be of similar nature to the American Depositary Receipt (ADR), where the cryptocurrency is held by a custodian and the DAR is issued by Citigroup.

While no timeframe was mentioned for a potential rollout and Citigroup declined to comment, the news comes at a pertinent time for cryptocurrency markets. As Cointelegraph reported, September 9 saw U.S. regulator the Securities and Exchange Commission (SEC) issue a surprise temporary ban on the first crypto-related exchange-traded notes (ETNs), citing “confusion” among investors. At the same time, the fate of multiple Bitcoin and Ethereum exchange-traded funds (ETFs) remains a hot topic of conversation, the SEC having rejected a string of Bitcoin ETF applications in August.

https://cointelegraph.com/news/citigroup-to-let-investors-trade-custodian-held-cryptocurrency-sources-claim