Bloomberg "U.S. Startup Offers BTC Certificate of Deposit Product Without Regulator Approval"

Receipes Depositary Corporation (RDC), a financial startup founded by former Citigroup executives, has begun offering bitcoin-based products that do not require U.S. regulatory approval, Bloomberg reports. The products, known as "Bitcoin Depositary Receipts" (BTC DRs), are similar to U.S. certificates of deposit and will be offered to qualified global institutional investors. Spot BTC will be held by crypto custody and banking firm Anchorage Digital, while fintech firm Broadridge will handle the product transfer of spot BTC. "This product can help institutional investors, such as hedge funds and family offices, who wish to convert BTC into eligible securities and take direct ownership," RDC said.