Thomas Daniels
According to a CoinDesk story, XRP-backed assets will be introduced by Receipts Depositary Corp. (RDC), a financial technology company established by former Citigroup executives. Through market infrastructure governed by US regulations, the effort seeks to give institutional investors access to XRP.
A major step toward incorporating Bitcoin into the regulated U.S. securities ecosystem was taken about a year ago when RDC introduced the first Bitcoin Depositary Receipt (BTC DR). Qualified institutional buyers (QIBs) can trade Bitcoin using the same structure as conventional securities thanks to BTC DRs, which are modeled after American Depositary Receipts (ADRs).
Future XRP securities from RDC will have a comparable structure and be cleared by the Depository Trust Company (DTC), guaranteeing adherence to accepted regulatory guidelines.
Ishaan Narain, Bryant Kim, and Ankit Mehta, all former Citigroup executives, co-founded the business. Prominent financial organizations have supported RDC, including venture capital firm Broadhaven Ventures, financial services company BTIG, and asset management firm Franklin Templeton.
