Receipts Depositary explores XRP-backed securities: report

Received Depositary Corp. (DRC), a startup founded by former Citigroup leaders, plans to launch titles supported by XRP, according to Coindesk.

This decision will allow institutions to access XRP via a market infrastructure regulated by the United States.

DRC did not respond to the request for comments from Crypto.News.

The news occurs about a year after DRC announced the launch of the very first Bitcoin deposit receipt (BTC DR), bringing Bitcoin property of institutional quality to the regulated American securities ecosystem.

Modeled after the American depository receipts (ADR), DR BTCs allow qualified institutional buyers or QIBS to hold and exchange bitcoin using the same infrastructure as they use for traditional titles.

The XRP titles will be deleted in the same way via the Depository Trust Company (DTC).

The co -founders of the DRC – Ushit Mehta, Bryant Kim and Ishaan Narain – each worked before at Citigroup. The startup is supported by the asset manager Franklin Templeton, the BTIG financial services company and the venture capital company Broadhaven Ventures.