Crypto News

Sberbank launches the first blockchain-focused ETF in Russia

                                                            Die führende russische Bank – Sberbank – hat einen Blockchain Exchange Traded Fund (ETF) geschaffen, der bekannte Unternehmen der Cryptowährungsbranche wie Coinbase und Galaxy Digital verfolgt.  Dies ist das erste Produkt dieser Art in Russland, das es lokalen Anlegern ermöglicht, in den Markt für digitale Vermögenswerte einzusteigen, ohne Token kaufen, lagern oder verkaufen zu müssen.

Russia has a blockchain ETF

Sberbank announced that the exchange-traded fund is called “Sber – Blockchain Economy” and is trading under the ticker SBBE. The ETF follows the eponymous indexdeveloped by the bank’s investment subsidiary SberCIB. The latter includes securities of companies whose main activities are related to blockchain technology.

The index also consists of companies that produce hardware and software for the mining of Cryptocurrencies and even from companies that provide advisory services in this sector.

Some of the bigger names in the Portfolio of SBBE are the US exchange Coinbase, the blockchain software provider Digindex and the investment company Galaxy Digital from Mike Novogratz.

Commenting on the initiative, Evgeny Zaitsev, General Director of Sberbank, said that “there are hardly any people left who have never heard of blockchain”. In his opinion, technology is developing rapidly and it is simply beyond the ability of a normal investor to keep track of things.

Direct investment in Bitcoin or alternative coins are associated with high risks. As such, the new product would enable people to invest not in digital assets but in companies that “ensure the development of blockchain technologies,” the executive claimed.

Russia wants to ban crypto investments

The ETF launched by Sberbank could be a good opportunity for locals to jump on the cryptocurrency train, as Russia’s central bank recently announced it would ban direct investments in digital assets.

The financial institution claimed that bitcoin and the altcoins are used for malicious activity and therefore should be prohibited from allocating funds to them.

Earlier this year, Elvira Nabiullina – the head of Russia’s central bank – warned investors to beware of the risks in the crypto market, citing the increased volatility in asset prices. She went further and described cryptocurrency investing as the most dangerous money strategy.

A few months later, Sergey Shvetsov – a member of the Board of Directors of the Bank of Russia – expressed a similar caution. He argued that buying Bitcoin was like “entering a minefield”.

                                      .

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button