Two of the largest banks in Russia are working in order to offer their clients cryptocurrency-related portfolios. The information has been reported by the Kommersant newspaper on Friday and includes the Bank of Russia, Sberbank, and Alfa Bank.
Both of these institutions are experimenting with cryptocurrencies to offer their clients shares in a special fund which will be trading important currencies in major exchanges. The two crypto platforms that the banks are working with are Kraken and Bitstamp. At the moment, these are the 18th and the 24th most important cryptocurrency exchanges in the market.
Sberbank is in charge of processing government employee paychecks and Alfa Bank is the largest private bank in the country. Both of them are planning to enter the crypto market with help from AddCapital Investment fund, and the National Settlement Depository and Group IB.
The main intention is to offer a transparent way to invest in cryptocurrencies and digital assets. Offering a full compliant service will allow institutions to place their money in these institutions.
Anton Rakhmanov, manager of Alfa Bank’s private banking branch, explained:
“Our goal is to speed-up the regulation of the digital assets as legitimate financial assets as soon as possible.”
AddCapital, an important investment fund that participated in the pre-sale of the Telegram tokens, may be in charge of the technical solution for the project. Investors will be able to purchase a share of the fund.
The portfolio will include cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). The combination of coins will be revised during the year, and the proportions will be balanced by a trading algorithm.
The custodian will be the National Settlement Depository, part of the Moscow Exchange Group. The process will take roughly 45 days and the specific dates for launching have not been disclosed to the media.