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Citi launches tokenised depositary receipts
11 June 2026 US
Image: NexPix/stock.adobe.com
Citi has unveiled Digital Depositary Receipts on private shares, introducing a direct and transparent model that broadens access to private markets for both global issuers and investors.
The firm is both issuing and acting as a custodian for tokenised depositary receipts representing private companies.
Building on its Depositary Receipts and Custody businesses, Citi’s model uses tokenised depositary receipts to provide a flexible, institutional-grade alternative capable of meeting the scale needed for private markets.
Digital Depositary Receipts applies Citi Issuer Services’ depositary receipt product to private market shares, using blockchain infrastructure operated by SIX to tokenise those shares.
As part of its collaboration with SIX, Citi serves as a custodian on the platform, responsible for the settlement and safekeeping of the tokenised depositary receipts.
This new solution went live with an inaugural transaction between Kaleido, an institutional tokenisation and digital asset platform and a Citi portfolio company, and investors within its Wealth business, with support from Citi’s Secondary Private Markets business.
This innovation is designed to ensure issuers receive efficient distribution and transfer without the need for public listing or altering underlying ownership rights.
By integrating tokenised depositary receipts into existing Wealth platforms, Citi aims to enhance client optionality while maintaining the operational safeguards and client experience investors expect.
Bis Chatterjee, global head of partnerships and innovation, Citi Services, notes: “As private markets continue to grow, so has the need for diverse and trusted access points. Our Digital Depositary Receipts product is designed to provide superior client service, safeguard assets and facilitate capital markets activity with the same rigor that underpins traditional financial markets.
“The interoperability of the product will further enable Citi to support a wider range of issuers and investors as digital asset market infrastructure continues to evolve.”
Deborah Querub, head of Digital Assets for Wealth, Citi, says: “We’re focused on responsibly expanding access to new types of investment opportunities while preserving the structures, protections, and experience our clients expect. This transaction is an incremental step in our process of leveraging digital capabilities to enhance options for our Wealth clients.”
Dirk Jones, head of Issuer Services, Citi, adds: “As the first global financial services company to issue and act as custodian for tokenised depositary receipts representing private company shares, Citi is helping deliver a more transparent, scalable and institutionally robust model for investment in private companies.
"Our digital Depositary receipts are designed to reduce complexity, facilitate efficient capital formation and provide issuers and investors with a pathway to access new opportunities.”
The firm is both issuing and acting as a custodian for tokenised depositary receipts representing private companies.
Building on its Depositary Receipts and Custody businesses, Citi’s model uses tokenised depositary receipts to provide a flexible, institutional-grade alternative capable of meeting the scale needed for private markets.
Digital Depositary Receipts applies Citi Issuer Services’ depositary receipt product to private market shares, using blockchain infrastructure operated by SIX to tokenise those shares.
As part of its collaboration with SIX, Citi serves as a custodian on the platform, responsible for the settlement and safekeeping of the tokenised depositary receipts.
This new solution went live with an inaugural transaction between Kaleido, an institutional tokenisation and digital asset platform and a Citi portfolio company, and investors within its Wealth business, with support from Citi’s Secondary Private Markets business.
This innovation is designed to ensure issuers receive efficient distribution and transfer without the need for public listing or altering underlying ownership rights.
By integrating tokenised depositary receipts into existing Wealth platforms, Citi aims to enhance client optionality while maintaining the operational safeguards and client experience investors expect.
Bis Chatterjee, global head of partnerships and innovation, Citi Services, notes: “As private markets continue to grow, so has the need for diverse and trusted access points. Our Digital Depositary Receipts product is designed to provide superior client service, safeguard assets and facilitate capital markets activity with the same rigor that underpins traditional financial markets.
“The interoperability of the product will further enable Citi to support a wider range of issuers and investors as digital asset market infrastructure continues to evolve.”
Deborah Querub, head of Digital Assets for Wealth, Citi, says: “We’re focused on responsibly expanding access to new types of investment opportunities while preserving the structures, protections, and experience our clients expect. This transaction is an incremental step in our process of leveraging digital capabilities to enhance options for our Wealth clients.”
Dirk Jones, head of Issuer Services, Citi, adds: “As the first global financial services company to issue and act as custodian for tokenised depositary receipts representing private company shares, Citi is helping deliver a more transparent, scalable and institutionally robust model for investment in private companies.
"Our digital Depositary receipts are designed to reduce complexity, facilitate efficient capital formation and provide issuers and investors with a pathway to access new opportunities.”
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