Under the supervision of the Bank of Russia, two prominent banks named the Sberbank and Alfa Bank will begin to offer private clients shares in an exclusive fund which would be trading six most notable cryptocurrencies — Bitcoin, Litecoin, Ethereum, etc. — on crypto exchange platforms, including Kraken and Bitstamp.
Sberbank is Russia’s bank responsible for the processing of government employee paychecks, while Alfa Bank is the biggest private bank in the country; these banks would enter crypto trading with the aid of the investment funding firm AddCapital, as well as the National Settlement Depository and Group IB.
Ana Ivanchuk, Deputy Head of Sberbank Private Banking, commented:
“We’d like to offer our clients an absolutely transparent way to invest in digital assets with a full compliance with regulations that will let them invest in the product they are interested [in] in Russia.”
Anton Rakhmanov, Alfa Bank’s private banking branch manager, also said:
“Our goal is to speed up the recognition of the digital assets as legitimate financial assets as soon as possible.”
The said portfolio will include the six most prominent cryptocurrencies, including those mentioned above; the combination of coins included in the portfolio will be revised four times each year, with their proportions balanced by a trading algorithm.