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Russian Bank Geared To Enter Crypto Space Currently in Deep Water -Breaking

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Russian Bank Prepares to Enter Crypto Space.
  • Russian Bank Sber announces the creation of a crypto-exchange-traded fund.
  • Sbercoin was also being launched by the company.
  • Due to Russia-Ukraine tension, however, the bank now faces serious financial difficulties.

Russian Bank Sber announced that it was planning to create a crypto exchange-traded fund (ETF) earlier in the year. The purpose of this was to keep track of the performance and investments made by major crypto companies such as Galaxy Digital (NASDAQ) or Coinbase.

Sberbank, a Russian state-owned bank and financial service company with a Moscow headquarters is owned by the Russian majority. The new ETF will be connected to many blockchain and crypto industry companies, such as hardware and software suppliers for mining and issuing cryptocurrency assets.

Sber’s blockchain ETF was supposed to be the first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding, and selling digital currencies.

Sberbank was on the way to launch its cryptocurrency, Sbercoin. Sberbank even submitted a request to the Central Bank of Russia for approval. Sbercoin was expected to be issued by the bank in spring.

Per Sergey Popov, Sberbank’s Transaction Market Divisions Director, had said:

Sberbank applied to Bank of Russia in order to register our platform within the first day of January and the first work days of last week.

However, because of the recent Russian attack on Ukraine and consequent developments, Sberbank, Russia’s biggest lender is facing severe obstacles. Following public protests against Sberbank in Russia, western sanctions placed on Moscow by the West forced it to shut down its operations in Europe. Following this announcement, shares of the bank plunged 95% at London Stock Exchange. It waits to see what the Russian bank’s next move will be.

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