Top Russian Banks Roll out Crypto Portfolios to Legitimize Digital Currency Trading

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Top Russian Banks Roll out Crypto Portfolios to Legitimize Digital Currency Trading

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Russian paper Kommersant reported last Friday that Sberbank and Alfa Bank were planning to launch cryptocurrency portfolios for their clients to legitimize trade and ownership of shares in digital currencies. The assets will trade in the world’s most valuable virtual currencies; Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero and Stellar.

According to the news, to facilitate this goal, Sberbank and Alfa Bank are creating a special fund in Bitcoin and crypto portfolios. The special fund meant for private investors will be traded in major crypto exchanges, which will include Kraken and Bitstamp.

The project is piloted under the watch of the National Settlement Depository and Group IB. National Settlement Depository, a part of the Moscow Exchange Group, will be the custodian of the shared fund. The other project partner is AddCapital, an investment fund reportedly in charge of technical aspects of the project.

The crypto portfolio will comprise each of the six listed cryptocurrencies. However, their combinations will be revised at least four times a year. The revision will be technically balanced by trading algorithms. Alexey Prokofyev, CEO of AddCapital, said that the process would see investors purchase a shared fund.

Even though the report has not indicated the expected project timelines, prototype testing is expected to take at least 45 days. After that, investors will exchange their liquidated shares for fiat currencies at their convenience.

Ana Ivanchuk, the deputy director of Sberbank, said that cryptocurrencies would give the investors an absolutely transparent way to invest while observing the required rules and regulations of compliance.

Outlining the benefits of investing in shares with cryptocurrencies, Anton Rakhmanov, manager of Alfa Bank’s private banking branch, termed the need to recognize digital assets as legal financial assets as a necessity.

At present, the world is jostling to regulate the largely untamed crypto trade. Some national governments have set guidelines and organic laws barring exchange of digital assets for fiat. The Kommersant report says Sberbank and Alfa Bank are operating in a crypto welcoming environment.


Image Source: Pixabay – quinntheislander

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