Russian banking giant Sberbank launched the country’s first exchange-traded fund (ETF), allowing investors to enter the blockchain field. The new tool holds the securities of companies that handle cryptocurrencies and their supporting technologies.

Sberbank launches ETF to track blockchain economic index

Sberbank, the largest banking and financial service provider in Russia and the post-Soviet region Announce Launched blockchain ETF. This new product called “Sber-Blockchain Economy” aims to provide Russian investors with opportunities to profit from the encryption industry without directly participating in the development, acquisition, storage and sale of digital assets.

The ETF tracks the Sber Blockchain Economic Index, which includes the securities of companies operating using cryptocurrency and blockchain technology. The bank explained: “Today, they are used in various industries and solve various problems-from protecting personal data and confirming copyright to creating IoT and online voting platforms.”

The state-owned bank added that companies covered by the index include producers of crypto mining hardware and software, entities that issue crypto assets, and companies that provide consulting services in the blockchain field. Well-known companies in this field, such as cryptocurrency exchange Coinbase, blockchain software developer Digindex, and crypto financial service provider Galaxy Digital, are all on the list.

The Sberbank emphasized that its blockchain economy ETF (stock code: SBBE) is the first Russian stock market. The bank specified that the currency of the fund is U.S. dollars, but investors can buy shares in Russian rubles through the Sberinvestor app or with the help of any Russian broker. The stock price starts from 10 rubles.

After the President of the Central Bank of Russia Elvira Nabiullina launched encryption-related tools, statement In October, the monetary authorities were not prepared to allow the trading of Bitcoin ETFs in the Russian Federation. In December, the governor Reiterate Regulators’ strong stance on cryptocurrency investment and Report It was revealed that CBR hopes to prevent card payments to cryptocurrency exchanges.

Russian media quoted Nabiullina’s deputy Vladimir Chistyukhin as saying: “We don’t see a place for cryptocurrency in the Russian financial market.” Earlier this year, Bank of Russia suggestion Stock exchanges to avoid the listing and trading of instruments related to the value of encrypted assets, encrypted index changes, and encrypted derivatives and encrypted fund securities.

Do you want to see other products in Russia, such as Sberbank’s blockchain ETF? Tell us in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.