Bitcoin gets boring — and why that’s a good thing for Wall Street

See below for excerpts from a recent DL News feature by Joanna Wright.
Please note:  RDC is not the author of this article and is not responsible for the content and accuracy of the information contained therein. 

Bitcoin is getting boring.

As the crypto world breathlessly awaits the approval of a spot Bitcoin exchange-traded fund, Bloomberg reports that a startup of Citigroup alumni has launched a depositary receipt for Bitcoin.

That might not sound very sexy, but bear with me — it says volumes about where crypto is headed in 2024.

In short: the TradFi creep is real and it’s coming.

The startup, Receipts Depositary Corporation, is planning to offer an instrument that looks like a depositary receipt but provides direct ownership of Bitcoin.

RDC said the underlying assets will be safeguarded at licensed custodian bank Anchorage Digital, and cleared through the DTC.

The depositary receipts don’t go through the same Securities and Exchange Commission approvals process as ETFs do, as they are covered by a regulatory exemption.

They are limited, however, to institutional investor clients — this is not a retail product.

Read more.