Two of the biggest and most high profile banks in Russia plan to support cryptocurrency portfolios for their clients, according to local press reports. Under the supervision of the central bank, Alfa Bank and Sberbank will offer their clients special actions to mop up six of the most important cryptocurrency exchanges in the world, including Bitstamp and Kraken.
Alfa Bank is considered the largest in the Russia, and Sberbank, is responsible for the most payments processed for public employees, so their entrance in to the world of cryptocurrencies will be both innovative and revolutionary for the nation.
Both banks plan to retain the assistance of the investment fund AddCapital, the National
Settlement Depository and the IB Group.
“We will like to offer our clients a completely transparent way of investing in digital assets, also complying with regulations that allow them to invest in the products that interest them”,
said Sberbank VP, Ana Ivanchuk.
Anton Rakhmanov, manager of Alfa Bank, commented that his goal was to speed up the recognition of digital assets as legitimate and reliable financial currencies as soon as possible.
It should be noted that AddCapital is the same investment fund that recently participated in
the pre-sale of Telegram Tokens, which could revolutionize the business model of this project. In addition, CEO, Alexey Porkofyev, suggested that the investment process will allow investors to buy a portion of the fund.
This portfolio will include 6 of the most popular cryptocurrencies including Bitcoin, Litecoin, Ethereum and Bitcoin Cash, with the fund reviewing the coin combination up to 4 times per year, and balancing their proportions using a trading algorithm. Likewise, Porkofyed commented that the shares will be liquid and customers could exchange them for fiat currencies at the time of their preference.
The National Settlement Depository, an important part of the Moscow Exchange Group,
serves as the guardian of operations. It should be noted that launching this portfolio will take about 45 days and the specific dates have not yet been published.
by Samuel Paz