Search Inside Bitcoins

Russian Sberbank launches a blockchain-based ETF

Sberbank Purchases 5,000 Blockchain ATMs Amid Russia Legislation Issues
Sberbank Purchases 5,000 Blockchain ATMs Amid Russia Legislation Issues

Sberbank, one of the leading banking institutions in Russia, has announced the launch of an exchange-traded fund (ETF) focusing on blockchain. The ETF will track the leading companies in the crypto sector, including Coinbase and Galaxy Digital.

The product will expose Russian investors to blockchain technology and the digital asset sector. It is the first product of this nature to be launched in Russia.

Sberbank launches a blockchain ETF

Sberbank noted that the ETTF will be known as Sber, and it would trade under the ticker symbol SBBE. The bank further notes that the ETF will be part of the eponymous index created by the bank, which deals in the shares of companies dealing in blockchain technology.

The index also includes companies that provide the hardware and software needed for crypto mining. Firms that offer crypto-related advisory services are also included.

Some of the firms that will be part of this ETF include Coinbase, one of the leading cryptocurrency exchange platforms, Galaxy Digital, an investment company founded by Mike Novogratz and Digindex, a blockchain software provider.

The General Director of Sberbank, Evgeny Zaitsev, noted that few people had not heard about blockchain technology. He opined that blockchain technology was rapidly growing at a too fast rate for the average investor to keep up with.

Zaitsev further pointed to the risks that come from investing in cryptocurrencies. He noted that it would be possible for investors to invest in companies that leverage blockchain technology to offer digital asset services through this ETF.

Crypto regulations in Russia

The launch of this ETF comes at a critical time for the Russian crypto and blockchain market that is currently one of the largest globally. The newly launched ETF comes at an opportune time for Russian investors that want to dive into the world of digital assets because the Central bank of Russia announced it would ban direct investments in digital assets.

According to the Russian regulator, digital assets such as Bitcoin and other cryptocurrencies were being used for malicious activities; hence people should not allocate funds to these assets.

Earlier in the year, Elvira Nabiullina, the chief of the Russian central bank, urged investors to take note of the risks of the crypto market because of the volatility of these assets. She further stated that digital assets posed a danger to the monetary system. Despite these warning sounds, Russia’s crypto market has boomed significantly.

Your capital is at risk.

Read more:

Read next

Don't see the answer that you're looking for?

Ask us Now!

X

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

Buy Crypto

68% of retail investor CFD accounts lose money.

eToro - Best Cryptocurrency Platform
Buy Crypto

68% of retail investor CFD accounts lose money.

X