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Russian banking giant Sberbank enters the cryptocurrency trading business. According to the release, the bank will start providing crypto asset services to its customers this month.
This exciting new phase in banks’ ongoing forays into cryptocurrencies is expected to take place in the coming weeks. In particular, financial institutions will soon allow customers to trade bitcoins and other cryptocurrencies.
Deputy chairman of the board of Sberbank Anatoly Popov said the bank is ready to launch services related to cryptocurrencies. Customers can buy, sell and trade digital goods. In the near future, banks will start issuing digital financial asset transactions (DFA).
ONLY AT: 🇷🇺 Russia’s largest bank, Sberbank, to offer #crypto trade service.
—Watcher.Guru (@WatcherGuru) June 8, 2023
Sberbank Makes a Foray into Digital Asset Trading
Quoting what Popov wrote in his original post:
“If we talk about consumers, then we anticipate that this feature will be available to them in June during the second quarter. People will be able to trade and trade digital financial assets. So, exchange money for goods.”
Moscow-based Sberbank is Europe’s second largest financial institution; it hoped to release an Ethereum-compatible DeFi platform in April but has since postponed its debut to June.
Tokens will be issued, smart contracts will be developed, and bank commercial and retail banking services will be integrated. Sberbank believes in and uses the blockchain system.
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, deputy chairman of the bank, outlined the positive effects of the changes. More money can be brought to the bank by investors interested in the cryptocurrency market.
On the other hand, the bank is also implementing a new assessment feature. This change aims to facilitate financial transactions involving digital assets.
Russian Banking Giant Embraces The Future Of Digital Currency
From Vedyakhin:
“We must ensure that everyone has the opportunity to use this service. At the close of Q1 2023, or at the latest early Q2 2023, Sber will offer that opportunity.”
Sberbank is trying to get the Russian government to green-light its stablecoin release in 2021. Russia’s central bank has been hesitant to allow the creation of private cryptocurrencies, but Sberbank is pushing ahead with development of its platform.
Image: Kerem Yucel, Getty Images/iStock photo
Sberbank was granted a license to issue and trade digital currency the following year.
Meanwhile, Russia’s private bank Alfa Bank, in addition to state-owned Sberbank, was authorized to issue cryptocurrencies. Lighthouse, a Fintech startup, and Atomyze, a Russian Federation-backed tokenization platform, are two of the better known financial institutions.
This is an exciting time for Sberbank and its customers when they enter digital currency trading. Sberbank is clearly embracing the future of digital currency and setting the pace in Russia as the bank continues to innovate and adapt to the evolving financial landscape.
Featured image from Sergei Fadeichev/TASS
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