Citigroup works on new Bitcoin trading product

Monday 10 September 2018 13:54 CET | News

Citigroup has started working on a new Bitcoin trading product to the market, aiming to be ahead of its Tier I banking rivals around the world.

The company is getting legally ‘creative’ in order to offer customers a tradeable, physical Bitcoin asset, known as a ‘digital’ American Depository Receipt (ADR), which functions as a foreign security product. Citigroup is taking the concept of an ADR and moving it to the digital world that is linked to physical Bitcoin, according to Bitcoin Exchange Guide.

As the new product uses already accepted infrastructure is very important for regulatory agencies at the time of controlling the space. Thus, the structure would place cryptocurrencies within existing regulatory regimes and give big Wall Street investors like asset managers and hedge funds a less risky way of investing in the fledgling asset class.

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Keywords: Citigroup, Bitcoin, cryptocurrency, investment, banks, crypto market
Countries: World

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