U.S. multinational bank Citigroup (NYSE:C) is developing a cryptocurrency product to give institutional investors access to crypto markets without owning cryptoassets directly, anonymous sources told Business Insider September 9.
Citigroup, which had previously taken a centralized approach to cryptocurrency, will reportedly use a revamped version of the American Depositary Receipts (ADR) – a type of security issued since the 1920s that represents securities of a non-U.S. company – to let investors indirectly trade crypto.