Two of Russia’s largest banks are piloting cryptocurrency portfolios for their private clients, the Kommersant newspaper reported Friday.
Sberbank, the main state-owned bank responsible for processing government employee paychecks, and Alfa Bank, the largest private bank in the nation, plan to enter crypto trading with the help of the AddCapital investment fund, the National Settlement Depository and Group IB.
“Our goal is to speed-up the recognition of the digital assets as legitimate financial assets as soon as possible,” said Anton Rakhmanov, manager of Alfa Bank’s private banking branch.
The portfolio will include the six most popular cryptocurrencies, including bitcoin, bitcoin cash, ethereum and litecoin.
While testing the portfolio process will take roughly 45 days, the specific dates have not been disclosed.
Russias various financial institutions and banking entities dont always see eye-to-eye on the subject of cryptocurrencies. Sberbank, the nations largest bank, is one of the biggest proponents of the technology,...
The Japan Bank Consortium — a coalition of 61 banks in Japan, organized by SBI Ripple Asia — has announced the launch of a new Ripple pilot with Woori Bank and Shinhan Bank, two of South Korea’s largest banks with a collective market capitalization of more than $30 billion.
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