The number one bank in Russia, SberBank, introduces the country’s first-ever blockchain exchange-traded fund, or ETF for short. According to the statement by SberBank, the purpose of the ETF is to highlight the companies that are part of the blockchain industry.
Moreover, the SberBank Blockchain Economy ETF, as SberBank calls it, will also be available for trading on the Russian stock market, with the ‘SBBE’ ticker.
The goal is to track and expose crypto exchanges via the ETF, which would eventually assist the investors. Some of these crypto exchanges include big names such as Coinbase, Digindex and Galaxy Digital, among the biggest names.
Additionally, the index also applies to pretty much everyone involved in the blockchain industry. This includes mining companies, crypto assets, and even specialized blockchain consulting companies.
In the official statement for the press, Sber Asset Management confirms that the idea is to greatly improve the experience for the investors. And that the ETF works on multiple levels in order to guarantee that versatility.
While the interest in blockchain ETFs around the world is slowly, but surely growing, no one really has made any concrete moves yet. Aside from Russia, the U.S. is the only other country that offers ETF bitcoin futures to investors.
The news about the blockchain exchange-traded fund (ETF) in Russia comes just as the country is working to develop its CBDC (central bank decentralized currency).
Moreover, the official stance of Russia against crypto still stands, but the people’s demand definitely says otherwise.
In fact, with just above 5 billion crypto transactions annually, it is clear that there is a massive trading volume in Russia. That is why the Central Bank of Russia already announced that the digital ruble should be complete in early 2022.
However, it remains to see how the bank will handle the fact that a huge part of Russia’s population is well into crypto.
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