According to a recent report, Citigroup, the US-based banking and investment giant, is entering the cryptocurrency markets through the issuance of a new cryptocurrency custodial service. The move is unprecedented, as it would make Citigroup the first major financial institution to offer a custodian solution for the cryptocurrency industry.

The new service could have a huge impact on the markets, as it could negate the need for an ETF in order for Wall Street and institutions to enter the cryptocurrency markets. The new product – called a digital asset receipt – would operate very similarly to an American depository receipt, which gives US investors a way to invest in foreign stocks that do not trade on any US based exchanges.

The possibility of Citigroup working on a receipt service for cryptocurrencies was first reported by Business Insider’s Frank Chaparro, who cites sources close to Citibank. If true, the launch of this service would offer a fully regulated way for hedge fund managers, investment banks, and other institutions to invest in the crypto markets, without having to fear the potential risks of investing their funds on crypto exchanges that may lack adequate security features.

Chaparro’s sources explained how the Digital Asset Receipt service would work, saying in part that:

“In this case, the cryptocurrency would be held by a custodian, with the so-called DAR issued by Citigroup, the people said. The bank would alert the Depository Trust & Clearing Corp., a Wall Street middleman that provides clearing and settlement services that it issued a receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they're already familiar with, the person added.”

It would come as no surprise that Citigroup would be the first to offer such a service, as they are the largest issuers of ADRs in the world, winning numerous awards for their offerings. By curating this new service, the bank would be able to make a fortune on commissions, all while protecting themselves behind a curtain of regulation that surrounds the ADR markets.

It is unclear whether or not the bank will ultimately release this product, and the bank has not yet released any official statements regarding the supposed product. Chaparro notes that although it is unclear when, or if, the product will be released that, “the bank has begun reaching out to potential partners.”