Sberbank, the largest bank in Russia, is entering the cryptocurrency trading industry. They are expected to begin providing crypto asset services to their customers later this month. In addition to bitcoin, the financial institution will allow customers to trade other cryptocurrencies.

The bank plans to launch cryptocurrency-related services in the coming weeks. Customers will be able to purchase, sell, and trade digital assets. Sberbank will also start issuing digital financial assets (DFA) transactions. According to Sberbank’s deputy board chairman Anatoly Popov, the feature will be available to consumers sometime in June during the second quarter.

Sberbank, which is Europe’s second-largest financial institution, is based in Moscow. They use and believe in blockchain technology. They have also announced their investment arm, Sber Asset Management will introduce Russia’s first exchange traded fund based on blockchain tech in December 2021.

Alexander Vedyakhin, the bank’s vice chairman, stated that the change will bring more money into the bank by attracting investors interested in the cryptocurrency market. In addition, Sberbank has implemented new assessment features to facilitate financial transactions involving digital assets.

Sberbank attempted to obtain government approval to release their stablecoin in 2021. While the Russian central bank has been hesitant to allow the creation of private cryptocurrencies, Sberbank is proceeding with the development of its platform regardless. Alfa Bank and Sberbank are both authorized to issue cryptocurrencies. Two other recognized financial institutions in Russia are Lighthouse, a Fintech startup, and Atomyze, a tokenization platform supported by the Russian Federation.

This is an exciting time for Sberbank and its customers as it enters the trading of digital currencies. Sberbank is setting the pace in Russia as the bank continues to innovate and adapt to the ever-evolving financial landscape.

Featured image from Sergei Fadeichev/TASS