18 Jun 2018
Two biggest Russian banks will test crypto portfolio offering for their private clients. The portfolio will comprise six most popular cryptocurrencies on major exchanges, including Bitcoin, Bitcoin Cash, Ethereum and Litecoin among others.
18 June, AtoZ Markets – Two biggest banks in Russia are testing cryptocurrency portfolios for their private clients, according to the local media outlets. Sberbank and Alfa Bank are planning to offer their clients shares in a special fund that will be trading six most popular cryptocurrencies on major exchanges, these including Kraken and Bitstamp.
As per one of the local reports, the banks will be acting under the supervision of the Russian Central Bank. Sberbank is the government-owned bank, which is responsible for processing government employee paychecks. Alfa Bank is the biggest privately owned bank in Russia. Banks are planning to enter cryptocurrency trading jointly with the help of AddCapital investment fund. The National Settlement Depository and Group IB are set to take part in the collaboration as well.
Ana Ivanchuk, Sberbank Private Banking deputy chair, has been quoted as saying:
"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 Russia."
In addition, the manager of Alfa Bank's private banking branch, Anton Rakhmanov, has stated:
"Our goal is to speed-up the recognition of the digital assets as legitimate financial assets as soon as possible.”
AddCapital is the investment fund which has taken part in the recent pre-sale of Telegram tokens. The fund is about to lead the technical side of the project. AddCapital’s CEO Alexey Prokofyev has stated that the investment process will involve investors buying a share of the fund.
The portfolio will comprise six most popular digital currencies. These include Bitcoin, Bitcoin Cash, Ethereum and Litecoin among others. The managing team of the project will be reviewing the combination of coins four times a year. Their proportions will be determined by a trading algorithm.
"The shares are liquid and a client can send them for fiat currencies any time,” Prokofiev added.
The National Settlement Depository will be responsible for being a custodian.
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