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"Under the supervision of the Central Bank of Russia, Sberbank and Alfa Bank will offer shares of a special fund that allows users to trade six of the most popular cryptocurrencies on major cryptocurrency exchanges. According to reports, the exchanges joining this lineup include Kraken and Bitstamp.
Sberbank, a state-owned bank responsible for processing government employee salaries, and Alfa Bank, the largest private bank in the country, plan to enter the cryptocurrency market with the assistance of AddCapital Investment Fund, the National Settlement Depository, and the IB Group.
Ana Ivanchuk, Deputy Chairman of Sberbank, stated, ""We aim to provide customers with an absolutely transparent and compliant path to invest in digital assets, enabling them to freely invest in products of interest to Russia.""
Anton Rakhmanov, Manager of the Private Banking Branch at Alfa Bank, revealed, ""Our goal is to expedite the recognition of digital assets as legitimate financial assets.""
AddCapital, the Telegram fundraising investment fund, is responsible for the technical solutions for this project. CEO Alexey Prokofyev explained that the investment process would allow investors to purchase partial shares of the fund.
The portfolio will include six of the most popular cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), among others. The cryptocurrency investment portfolio will be rebalanced four times a year, with the proportions adjusted using a trading algorithm.
""This stock is liquid, and customers can convert them into fiat currency at any time,"" Prokofyev added.
The National Settlement Depository, as a part of the Moscow Exchange Group, will act as the custodian. The testing process for this investment portfolio is expected to take approximately 45 days, with specific dates yet to be announced." |
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Post time 8-11-2023 12:19:42
