Russia’s largest bank Sber launches blockchain ETF

Sberbank successfully launched its blockchain-backed ETF for Russian citizens. 

In the Russian Federation, crypto trading is fully legal and also Blockchain adoption is surging but besides all these things the Russian government is not happy with the adoption of the Crypto industry because they are facing many kinds of unfair activities because of crypto. However new rules and regulations are under consideration to restrict any kind of illicit activities associated with crypto. 

Sber is a popular largest bank in Russia. In the past few years, Sber showed huge inclination toward the crypto and blockchain industry because of the Innovative technology & its better use case. 

On 30 December, Sber Bank announced the successful listing of its Sberbank Blockchain Economy ETF on the Russian stock market, as per the statement of Sber.

It is interesting to note that this is the first kind of its type of exchange-traded fund in Russia, which has hands in blockchain and digital assets based industry by following the Sber Blockchain Economy Index and developed by SberCIB. 

Now this ETF product will give the direct opportunity to all the investors in Russia to invest in crypto-inclined businesses like Coinbase, Galaxy Digital, and blockchain software company Digindex.

The index doesn’t only cover the crypto businesses sector but also it covers the blockchain inclined advisory enterprises. 

Through the press release, Sber stated that ” blockchain economy without the difficulties associated with the direct development, purchase, storage, and sale of digital assets.”

Evgeny Zaitsev, General Director at Sberbank Asset Management, stated on this success of Sberbank and said that direct investment in crypto assets is a highly risky job and also it is tough to handle it individually. And further continues:

“We offer to invest not in crypto assets, but in companies that ensure the development of blockchain technologies. The exchange fund is available to anyone thanks to its simplicity and low entry threshold.”

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