Sberbank is the largest state-owned bank in Russia, as well as the largest provider of financial services within the country. On December 30th, Sberbank announced that they would be launching the first exchange-traded fund, or ETF, in the country. This ETF will be based on blockchain.
This opportunity will give investors a chance to enter the space of blockchain. The Asset Management team of Sberbank revealed that the ETF, just launched, will find itself linked to various blockchain, as well as cryptocurrency-based industries.
The name of Sberbank’s new product is Sber-blockchain Economy, also known as SBBE. This product was created with the aim to give Russian investors the opportunity to make a profit within the crypto space. They can do so without needing to get involved with cryptocurrency directly.
This means that such investors won’t be directly involved in the development, storage acquisition, or sale of assets that are digital. Sberbank also revealed that they were the first bank in Russia to provide such services to investors. Within the Russian stock market, SBBE will be the first service related to blockchain and cryptocurrencies within the country.
SBBE and Range of Services
SBBE will come in tandem with a variety of services, such as tracking Sber’s Economy Index. SBBE will also be able to hold securities belonging to companies working with cryptocurrency, as well as their supportive technology.
The CEO of the Asset Management team of Sberbank, Evgeny Zaitsev, that such assets related to cryptocurrency are primarily concerned with those forms that are involved in developing technologies related to blockchain.