Russian banking giant Sberbank is engaged in cryptocurrency trading. According to a release, the bank will start offering crypto asset services to its clients this month.
This exciting new phase of the bank’s ongoing foray into cryptocurrency is expected to happen in the coming weeks. In particular, the financial institution will soon allow customers to trade bitcoin and other cryptocurrencies.
Deputy Chairman of the Board of Directors of Sberbank Anatoly Popov said that the bank is preparing to launch services related to cryptocurrency. Customers can buy, sell and trade digital goods. Soon, the bank will start issuing digital financial asset (DFA) transactions.
Only in: 🇷🇺 The largest bank in Russia, Sberbank, to present # encrypt Trading services.
– Watcher.Guru (WatcherGuru) June 8, 2023
Sberbank intervenes in the trading of digital assets
To paraphrase what Popov wrote in his original post:
“If we are talking about consumers, we expect this feature to become available to them sometime in June during the second quarter. People will be able to trade and exchange digital financial assets. So, exchange money for commodities.”
Moscow-based Sberbank is the second largest financial institution in Europe. It had hoped to launch an Ethereum-compatible DeFi platform in April but has delayed its debut to June.
Tokens will be issued, smart contracts will be developed, and the bank’s commercial and retail banking services will be integrated. Sberbank believes in and uses blockchain systems.
The bank’s investment arm, Sber Asset Management, has announced plans to introduce Russia’s first exchange-traded fund based on blockchain technology in December 2021.
Bitcoin has now retreated to the $25K region. BTCUSD chart: TradingView.com
Alexander Fedyakhin, vice president of the bank, explained the positive effects of the change. More money can be brought to the bank by investors interested in the cryptocurrency market.
On the flip side, the bank has also implemented new rating features. The purpose of this change is to facilitate financial transactions involving digital assets.
The Russian banking giant is embracing the future of digital currencies
“We must make sure that everyone has the opportunity to use these services. At the end of the first quarter of 2023, or at the beginning of the second quarter of 2023 at the latest, Sber will provide the opportunity.”
Sberbank tried to get the Russian government to give the go-ahead to release its own stablecoin in 2021. The Russian Central Bank has been reluctant to allow the creation of private digital currencies, but Sberbank is pushing ahead with developing its platform anyway.
Image: Kerem Yucel, Getty Images/iStock photo
Sberbank was granted permission to issue and trade the digital currency the following year.
Meanwhile, the Russian private bank Alfa Bank, as well as the state-owned Sberbank, are authorized to issue cryptocurrency. Lighthouse, a fintech startup, and Atomyze, a Russian Federation-backed token platform, are two recognized financial institutions.
This is an exciting time for Sberbank and its customers as it gets into cryptocurrency trading. Sberbank is clearly embracing the future of digital currencies and setting the pace in Russia as the bank continues to innovate and adapt to the ever-evolving financial landscape.
Featured image from Sergey Fadeshev / TASS