Sberbank, the largest bank in Russia with over 100 million customers, has announced that it will start offering crypto trading services to its clients this month. The bank will allow its customers to buy and sell crypto financial assets (CFAs), which are backed by a mix of securities and digital assets.

The bank’s deputy board chairman, Anatoly Popov, said that the bank is ready to launch the new service. He expects to issue digital assets worth tens of billions of rubles in the near future. 

Popov also stated that the bank has been closely monitoring the crypto market. That’s why it has now integrated its blockchain platform with the Ethereum network to enable decentralized finance (DeFi) and Web3 applications.

Sberbank deals with cryptocurrencies.

Sberbank is not new to the crypto space. In December 2021, it launched Russia’s first exchange-traded fund (ETF) based on blockchain companies, called Sberbank Blockchain Economy ETF. In March 2022, it received a license from the Central Bank of Russia to conduct crypto-related activities in compliance with the financial regulations.

The bank’s move to offer crypto trading services comes at a time when the industry is experiencing a mix of increased adoption as well as scepticism. The varied reaction to crypto is influenced by past events, like the FTX saga and experience with crypto investments and regulations. 

To a large extent, crypto adoption differs from region to region. Countries, like China and Korea, are happy to explore cryptocurrency while Pakistan and Bali are banning crypto payments. Regardless of these different responses to cryptocurrency, we can say that the crypto industry is constantly evolving and attracting more participants from various sectors.

Final Words

Sberbank’s launch of crypto trading services is a significant milestone for the Russian crypto market. It is also a sign of growing adoption and acceptance of digital currencies worldwide.

Interestingly, Sberbank is not the only crypto-friendly bank. Other banks around the world are also offering or planning to offer crypto-related services to their customers.

For example, the oldest bank of Brazil is accepting taxes in crypto. In addition the example from Brazil, some important names in the crypto world, like Justin Sun and Andre Cronje, are considering the development of crypto-friendly banks.