Shocking News: Receipts Depositary Corp. to Dabble in XRP! šŸ˜²šŸ’°

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It is with no small measure of astonishment that I convey the tidings of Receipts Depositary Corp. (RDC), a most ambitious startup, birthed from the minds of former Citigroup executives, who now aspire to introduce securities backed by none other than XRP, as reported by the esteemed CoinDesk.

This audacious venture shall permit institutions to partake in the delights of XRP through the hallowed halls of U.S.-regulated market infrastructure. One can only imagine the excitement this must inspire among the financial elite! šŸŽ©šŸ’¼

Alas, RDC has chosen to remain as silent as a well-mannered guest at a dinner party, having not deigned to respond to crypto.newsā€™ request for comment. How very mysterious! šŸ¤”

This revelation arrives approximately a year subsequent to RDC’s grand announcement regarding the inaugural launch of the Bitcoin depositary receipt (BTC DR), which has, with great fanfare, ushered institutional-grade Bitcoin ownership into the regulated U.S. securities ecosystem. Truly, what a time to be alive!

In a manner reminiscent of the American Depositary Receipts (ADRs), these BTC DRs allow qualified institutional buyers, or QIBs, to hold and trade Bitcoin with the same ease as one might trade a fine tea set. How civilized! ā˜•ļø

Furthermore, the XRP securities shall be cleared in a fashion most similar, via the venerable Depository Trust Company (DTC). One can only hope that the process is as smooth as a waltz at a Regency ball!

RDCā€™s co-foundersā€”Ankit Mehta, Bryant Kim, and Ishaan Narainā€”each boast a history with Citigroup, which surely adds a certain gravitas to their endeavors. The startup is further supported by the esteemed asset manager Franklin Templeton, the financial services firm BTIG, and the venture capital firm Broadhaven Ventures. A veritable constellation of financial prowess!

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2025-02-08 21:49