Russia’s Largest Banks to Test Crypto Portfolio for Private Investors

Russia’s Largest Banks to Test Crypto Portfolio for Private Investors

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June 18, 2018 by Ian Moore
1745
Sberbank and Alfa-Bank, the two biggest banks in Russia, are planning to test cryptocurrency investment portfolios for private customers, according to reports from local media outlets. The portfolio will comprise the six most reliable cryptocurrencies and will use algorithms to make investment decisions. According to the reports, the banks will be acting under the supervision
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Sberbank and Alfa-Bank, the two biggest banks in Russia, are planning to test cryptocurrency investment portfolios for private customers, according to reports from local media outlets.

The portfolio will comprise the six most reliable cryptocurrencies and will use algorithms to make investment decisions. According to the reports, the banks will be acting under the supervision of the Russian Central Bank.

Sberbank is the government-owned bank responsible for processing government employee paychecks. Alfa Bank is the biggest privately owned bank in Russia. The Banks plans 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.”

The project will also be led by AddCapital, an investment fund that took part in the recently concluded Telegram ICO pre-sale. According to the CEO Alexey Prokofiev, the investment process will involve investors buying a share of the fund.

“The shares are liquid and a client can send them for fiat currencies any time,” he said.

Prokofiev further noted that trading will be carried out only on regulated cryptocurrency exchanges including Bitstamp and Kraken, and the portfolio will be reviewed once every quarter.

According to the press service of the financial regulator, the pilot should take a maximum of 45 days.

 


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