Thursday, December 7, 2023

Sberbank is the first Russian bank to launch a blockchain exchange-traded fund (ETF).

Sberbank is Russia’s largest bank and financial services provider. The bank, set up after the break-up of the Soviet Union, recently announced the launch of a blockchain Exchange-Traded Fund (ETF). With this launch, Sberbank has said that it will provide investors in Russia the opportunity to invest in and profit from the crypto space in Russia. The ETF product is named ‘Sber-Blockchain Economy’.

This product will enable Russian investors to participate in the crypto economy without the need to develop, store and sell digital assets.

The ETF will track Sber blockchain economy index. The index consists of stocks of firms using cryptocurrencies and blockchain technologies. These technologies are being used for myriad applications such as securing personal data and online voting, among others.

ETF Coverage

The index also covers firms that produce the hardware used for crypto mining. Even firms that produce software for crypto and firms that issue crypto assets are also tracked. Sber bank informed that consulting firms in the crypto space will also be tracked. Some examples of the better-known firms in the space that are being tracked by the index include Coinbase, Digindex, Galaxy Digital, etc.

Sberbank’s ETF is a pioneer in this space in the stock market in Russia. The bank’s Sberinvestor application will allow investments in Rubles – although the ETF’s currency is the US Dollar. Investments can also be made through a Russian broker. The starting price of the shares is pegged at 10 Rubles.

This development of an ETF comes after an earlier announcement by Russia’s central bank that it was against allowing a bitcoin ETF to be traded in Russia. The central bank had asked stock exchanges in Russia not to list and trade crypto assets.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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