RDC
Receipts Depositary Corporation (RDC) issues DTC-eligible depositary receipts representing direct ownership of digital assets (Bitcoin, Ethereum, Solana, XRP) for qualified institutional investors, enabling digital asset access through traditional securities clearing and settlement infrastructure.
- Company typePrivate
- Founded2022
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What RDC does
RDC (Receipts Depositary Corporation) is a US-based fintech that issues depositary receipts (DRs) representing direct ownership of digital assets — currently Bitcoin, Ethereum, Solana, and XRP — to qualified institutional investors. Founded by three former Citi global DR executives (Ankit Mehta, Bryant Kim, and Ishaan Narain), the company has positioned itself as the first depositary with the ability to issue depositary receipts on digital and alternative assets, bringing the traditional DR structure (established 1927, used by 6,500+ institutions, $1T+ invested) to the digital asset market. Each RDC DR is a DTC-eligible security with an assigned CUSIP and ISIN, designed for in-kind issuance and cancellation, with the underlying digital assets held in bankruptcy-remote custody at Anchorage Digital Bank.
The technical platform is cloud-native, hosted on Azure, comprising 16 microservices built on Python FastAPI, LoopBack Node.js, and Angular, with custom workflow logic in PostgreSQL. The platform integrates directly with DTC for clearing and settlement, Broadridge Corporate Issuer Solutions as SEC-registered transfer agent, Anchorage Digital Bank for custody, and Clear Street as a prime brokerage execution partner. Products are offered under Reg D/506(c) and Reg S exemptions with Rule 144A resale eligibility, restricting distribution to Qualified Institutional Buyers and non-US persons.
RDC's revenue model is transaction- and fee-based, generating revenue through DR issuance fees, annual maintenance fees, and transaction/conversion fees tied to issuance and cancellation activity. Distribution is conducted via consultative enterprise sales targeting asset managers, hedge funds, banks, broker-dealers, custodians, and liquidity providers. The company has executed a landmark first BTC DR trade through Clear Street's prime brokerage platform for UTXO Management with GTS as counterparty. Customers disclosed include UTXO Management, GTS, and Digital Wealth Partners. The company has signaled plans to expand into additional alternative asset classes and eventually retail investor access.
RDC firmographics
Firmographics- Name
- RDC
- Legal name
- Receipts Depositary Corporation
- Website
- https://receiptsdepo.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Receipts Depositary Corporation (RDC) issues DTC-eligible depositary receipts representing direct ownership of digital assets (Bitcoin, Ethereum, Solana, XRP) for qualified institutional investors, enabling digital asset access through traditional securities clearing and settlement infrastructure.
- Ownership category
- akta.pro rank
RDC industry classification
Industry- Product category
- Digital Asset Securities
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- OTC Spot Trading & Block Execution (FSADAJAB)
Keywords
Where RDC is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
RDC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Depositary Receipt Issuance and Management Fees: RDC generates revenue through fees charged for issuing and managing depositary receipts. The company provides issuer services, operational infrastructure, and market connectivity to bring DR products to U.S. investors. Revenue likely includes issuance fees, annual maintenance fees, and transaction/conversion fees based on DR issuance and cancellation instructions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Digital Asset DR Products - Institutional Only |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
RDC product offering
Product offeringCore offering
RDC operates a first-of-its-kind depositary receipts platform that issues regulated, DTC-eligible securities (Depositary Receipts) representing direct ownership of underlying digital assets including Bitcoin, Ethereum, Solana, and XRP. Each DR is 100% backed by digital assets held in segregated, bankruptcy-remote custody at Anchorage Digital Bank, cleared through DTC and serviced by Broadridge as transfer agent, enabling institutional investors to transact in digital assets through existing prime brokerage, custody, and settlement infrastructure. RDC also plans to expand the DR structure to commodities and additional alternative asset classes.
Product overview
RDC operates as a first-of-its-kind depositary receipts platform enabling institutional investors to access digital and alternative assets through regulated, DTC-eligible depositary receipt securities. The platform offers four core digital asset DR products: Bitcoin (BTC DR), Ethereum (ETH DR), Solana (SOL DR), and XRP Depositary Receipts. Each DR represents direct, bankruptcy-remote ownership of the underlying digital asset held in segregated custody at Anchorage Digital Bank N.A., with transfer agent services provided by Broadridge. The DRs are cleared and settled through DTC, enabling qualifying investors to transact in digital assets using existing institutional infrastructure, workflows, and counterparty relationships. RDC plans to expand its offerings to include commodities and other alternative assets, and eventually retail investor access.
Differentiator
Problem solved
Functional benefit
Products and services
- Bitcoin Depositary Receipt (BTC DR) DTC-eligible depositary receipt (CUSIP 75620X109, ISIN US75620X1090, Ticker: XBTDY) representing direct ownership of Bitcoin at a 1:1000 ratio. Each BTC DR is 100% backed by Bitcoin held in bankruptcy-remote custody at Anchorage Digital Bank N.A., offered to qualifying investors under Reg D/506(c) and Reg S with Rule 144A resale eligibility.
- Ethereum Depositary Receipt (ETH DR) DTC-eligible depositary receipt (CUSIP 75620X208, ISIN US75620X2080, Ticker: XETDY) representing direct ownership of Ethereum at a 1:100 ratio, 100% backed by Ethereum held in bankruptcy-remote custody at Anchorage Digital Bank. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions.
- Solana Depositary Receipt (SOL DR) DTC-eligible depositary receipt (CUSIP 75620X307, ISIN US75620X3070, Ticker: XSODY) representing direct ownership of Solana at a 1:10 ratio, 100% backed by Solana held in bankruptcy-remote custody at Anchorage Digital Bank. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions.
- XRP Depositary Receipt (XRP DR) DTC-eligible depositary receipt (CUSIP 75620X406, ISIN US75620X4060, Ticker: XRPRY) representing direct ownership of XRP at a 1:1 ratio, 100% backed by XRP held at Anchorage Digital National Association. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions; the fourth digital asset DR program launched by RDC.
Quantifiable outcome
- BTC DRs can be in-kind converted on an intraday basis into underlying Bitcoin and vice-versa
- +1 more outcomes
Companies that use RDC
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
RDC technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature6 records
RDC partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship, strategic, partner and core partner.
- Clear StreetflagshipCloud-native financial infrastructure technology firm. Executed first BTC DR trades through prime brokerage platform, settling via DTC. Clear Street Digital division offers large-scale OTC spot trading across Bitcoin, Ethereum, Solana and altcoins.
- Canton NetworkstrategicPrivacy-enabled blockchain ecosystem for institutional assets. RDC joined as validator and DR depositary, working toward introducing tokenized depositary receipts on the network. Network has $3.6+ trillion in tokenized assets on-chain.
- Menas GlobalpartnerStrategic partner delivering digital asset exposure via regulated depositary receipts. Nature of partnership involves joint delivery of DR products.
- Anchorage Digital Bank National Associationcore partnerFirst and only OCC-regulated and federally chartered digital asset bank. Provides custody of underlying digital assets in bankruptcy-remote structure for all DR programs (BTC, ETH, SOL, XRP).
- Broadridge Corporate Issuer Solutions, LLCcore partnerSEC-registered transfer agent providing transfer agent services for RDC's DR programs. Manages DR holder records and transaction processing.
Scale indicators4 records
Recent moves7 records
Expansion highlights7 records
RDC competitors and assessment
Company assessmentBroad incumbents
- BitGo: Institutional digital asset custody, trading, and lending platform serving many of the same broker-dealer, prime broker, and asset manager clients as RDC. Comparable as institutional crypto infrastructure, though focused on custody/trading rather than DR issuance.
- Citigroup: Global bank where RDC's three co-founders built the DR business; a leading traditional depositary receipt issuer. Directly relevant as the institutional DR infrastructure RDC is recreating for digital assets and the source of its core domain expertise.
- JPMorgan: Major traditional depositary bank and DR issuer for cross-listed equities, with active digital asset initiatives (JPM Coin, Onyx). Comparable to RDC as a TradFi incumbent with deep DR expertise exploring institutional digital asset infrastructure.
- BNY Mellon: One of the world's largest traditional depositary banks and DR issuers, providing depositary receipt services for foreign equities. Comparable to RDC as an established DR market operator; RDC's value proposition is essentially extending BNY/Citi/JPM-style DR infrastructure to digital assets.
- WisdomTree: Global asset manager with a digital asset product suite including Bitcoin and Ethereum ETPs, plus established ETP infrastructure. Comparable to RDC as a broader incumbent expanding into digital asset securities wrappers for institutional clients, with materially larger scale and distribution.
Emerging players
- Securitize: Tokenization platform enabling issuance and management of digital asset securities, including tokenized funds. Comparable to RDC as an emerging player bridging traditional securities and on-chain infrastructure, with a more retail/issuer-services orientation vs RDC's DR-based institutional model.
- Ondo Finance: Issuer of tokenized financial products (e.g., tokenized Treasuries, OUSG/USDY) distributed through traditional and on-chain rails. Comparable to RDC as an emerging player building regulated, institutional-grade wrappers for non-traditional assets, with overlapping Canton Network participation.
Direct peers
- Grayscale Investments: Issuer of the largest single-asset crypto investment products (GBTC, ETHE) providing institutional and accredited investors regulated exposure to digital assets. Highly comparable to RDC in that both wrap crypto exposure in securities-style instruments for institutional buyers, though Grayscale uses trust/ETF structures rather than depositary receipts.
- Osprey Funds: Issuer of crypto trust products (e.g., Osprey Bitcoin Trust) providing institutional-grade exposure to digital assets. Directly comparable to RDC in offering tradable, regulated wrappers for underlying crypto holdings, though using trust rather than DR structures.
- 21Shares: Issuer of crypto exchange-traded products (ETPs) across Bitcoin, Ethereum, Solana, and other digital assets, distributed to institutional and retail investors. Comparable to RDC as both package underlying crypto assets into regulated securities wrappers accessible through traditional brokerage workflows.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
RDC social profiles
Digital presenceRDC compliance and trust
Trust signalCompliance5 records
RDC financial estimates
Financial estimateRevenue estimate
Valuation estimate
RDC leadership team
Management profileNumber of profiles
Profiles3 records
RDC funding detail
Funding detailFunding overview
Funding rounds1 record
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RDC M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RDC
What does RDC do?
RDC operates a first-of-its-kind depositary receipts platform that issues regulated, DTC-eligible securities (Depositary Receipts) representing direct ownership of underlying digital assets including Bitcoin, Ethereum, Solana, and XRP. Each DR is 100% backed by digital assets held in segregated, bankruptcy-remote custody at Anchorage Digital Bank, cleared through DTC and serviced by Broadridge as transfer agent, enabling institutional investors to transact in digital assets through existing prime brokerage, custody, and settlement infrastructure. RDC also plans to expand the DR structure to commodities and additional alternative asset classes.
Is RDC a public or private company?
RDC is a private company. It is classified as venture growth investor backed and is currently operating.
When was RDC founded?
RDC was founded in 2022. It employs 1 to 10 people.
Where is RDC based?
RDC is headquartered in New York, United States, in the North America region.
How does RDC make money?
One revenue line is on record: depositary Receipt Issuance and Management Fees.
Who are RDC's main competitors?
Broad incumbents on record are BitGo, Citigroup, JPMorgan, BNY Mellon and WisdomTree. Emerging players are Securitize and Ondo Finance. Direct peers are Grayscale Investments, Osprey Funds and 21Shares.
Does RDC have an API?
No public API is recorded for RDC.
What industry is RDC in?
RDC's product category is Digital Asset Securities. Its primary akta.pro industry code is FSADAJAB, OTC Spot Trading & Block Execution. Its NAICS code is 5231 and its SIC code is 6200.