Citigroup said developed new mechanism for cryptocurreny investing

Citi Building Sign

Citigroup has developed a new mechanism for investing in cryptocurrencies such as Bitcoin, according to a person with knowledge of the plans.

Bloomberg News reports that the bank plans to act as an agent issuing so-called digital asset receipts, or DARs, to enable trading by proxy without direct ownership of the underlying coins, said the person, who asked not to be identified because the information isn’t public. By falling within existing regulatory regimes, the structure could give investors a relatively safe method of trading in crypto.

A representative for the New York-based bank declined to comment on the plans, which were reported earlier Sunday by Business Insider.

Hit the link below to access the complete Bloomberg News article:

Citigroup Planning Crypto Trading by Issuing Receipts

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