Citi is applying the depositary receipt model, traditionally used to give investors access to foreign public equities, to private company shares through a new Digital Depositary Receipt (DDR) product. The first DDR represents shares in Kaleido, Inc. and is available to eligible investors. The structure is designed to address limited access and poor transparency in venture-backed private markets by replacing bilateral, paper-heavy processes with institutional-grade custody, settlement and digital pricing. Caplight, the pricing platform selected for the offering, will provide independent valuations through its MarketPrice data feed, which uses AI-driven models to combine real-time transaction data, market signals and fundamental data from more than 100,000 venture-backed companies. The launch marks Citi’s move into tokenizing a traditionally opaque asset class and contributes to the broader financial-industry push to tokenize real-world assets.