Sberbank launches the first blockchain ETF in Russia – finance bitcoin news

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Russian banking giant Sberbank presented the country’s first exchange-traded fund (ETF) giving investors access to the blockchain space. The new instrument holds securities of companies dealing with cryptocurrencies and the technologies that underpin them.

Sberbank presents the ETF Tracking Blockchain Economy Index

The largest provider of banking and financial services in Russia and the post-Soviet space, Sberbank, has announcement the launch of a blockchain ETF. The new product, called ‘Sber – Blockchain Economy’, aims to provide Russian investors with the opportunity to profit from the crypto industry without having to get directly involved in the development, acquisition, storage and sale of assets. digital.

The ETF tracks the Sber Blockchain Economy Index which includes securities from companies operating with cryptocurrency and blockchain technologies. “Today, they are used in a variety of industries and solve a variety of issues – from personal data protection and copyright confirmation to creating platforms for the Internet of Things and voting in line, ”the bank explained.

Among those covered by the index are producers of crypto mining hardware and software, entities issuing crypto assets and companies providing blockchain advisory services, the public bank added. Well-known names in the space, like the crypto exchange Coinbase, blockchain software developer Digindex, and crypto financial services provider Galaxy Digital, are on the list.

Sberbank pointed out that its blockchain economy ETF (ticker: SBBE) is the first of its kind on the Russian stock market. The fund’s currency is the US dollar, but investors can buy shares in Russian rubles through the Sberinvestor app or with the help of any Russian broker, the bank said. The price of shares starts at 10 rubles.

The crypto-linked instrument is introduced after the head of the Central Bank of Russia, Elvira Nabiullina, said in October that the monetary authority was not ready to allow trading of a bitcoin ETF in the Russian Federation. Russia. In December, the governor reiterated the regulator’s firm stance on cryptocurrency investments and a report revealed that the CBR wanted to block card payments to crypto exchanges.

“We don’t see a place for cryptocurrency in the Russian financial market,” Nabiullina’s deputy Vladimir Chistyukhin said, quoted by Russian media. Earlier this year, the Bank of Russia advised exchanges to avoid listing and trading of instruments related to crypto assets, changes in crypto indices, as well as the value of crypto derivatives and securities of crypto funds. cash.

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Do you expect to see other offerings like Sberbank’s blockchain ETF in Russia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is what I am, rather than what I do. Besides crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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