The Russian banking giant Sberbank is getting into the cryptocurrency trading business. According to a release, the bank will begin providing crypto asset services to its customers this month.
This exciting new phase in the bank’s continuous foray into cryptocurrency is expected to take place in the coming weeks. In particular, the financial institution will soon permit customers to trade bitcoin and other cryptocurrencies.
Sberbank’s deputy board chairman Anatoly Popov said the bank is prepared to launch cryptocurrency-related services. Customers can purchase, sell, and trade digital goods. Soon, the bank will begin issuing digital financial assets (DFA) transactions.
JUST IN: 🇷🇺 Russia’s largest bank, Sberbank, to offer #crypto trading services.
— Watcher.Guru (@WatcherGuru) June 8, 2023
Sberbank Makes Foray Into Digital Assets Trading
To paraphrase what Popov wrote in his original post:
“If we’re talking about consumers, then we anticipate that this feature will become available to them sometime in June during the second quarter. People will be able to trade and trade digital financial assets. So, swap money for goods.”
Moscow-based Sberbank is Europe’s second-largest financial institution; it had hoped to release an Ethereum-compatible DeFi platform in April but has since pushed back its debut to June.
Tokens would be issued, smart contracts would be developed, and the bank’s commercial and retail banking services would 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 Vedyakhin, the bank’s vice chairman, outlined the positive effects of the change. More money could be brought into the bank by investors who are interested in the cryptocurrency market.
On the flip side, the bank has also implemented new assessment features. The purpose of this change is to facilitate financial transactions involving digital assets.
Russian Banking Giant Embraces Future Of Digital Currencies
“We must ensure that everyone has the chance to use these services. At the close of Q1 2023, or at the start of Q2 2023 at the latest, Sber will offer the opportunity.”
Sberbank attempted to get the Russian government to greenlight the release of its stablecoin in 2021. The Russian central bank has been hesitant to allow the creation of private cryptocurrencies, but Sberbank is pushing ahead with the development of its platform anyhow.
Image: Kerem Yucel, Getty Images/iStock photo
Sberbank was granted permission to issue and trade digital currency the following year.
Meanwhile, Russian private bank Alfa Bank, in addition to state-owned Sberbank, is authorized to issue cryptocurrency. Lighthouse, a Fintech startup, and Atomyze, a tokenization platform supported by the Russian Federation, are two more recognized financial institutions.
This is an exciting time for Sberbank and its customers as it enters the trading of digital currencies. 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 Sergei Fadeichev/TASS