Two of Russia’s largest banks have announced piloting cryptocurrency portfolios for their private clients.
Sberbank and Alfa Bank will offer their clients shares in a special fund that will be trading the six most popular cryptocurrencies on major exchanges, including Kraken and Bitstamp, according to the report. The Bank of Russia will closely monitor the banks’ activities. The portfolio will include the six most popular cryptocurrencies, such as Bitcoin, Bitcoin cash, Ethereum and Litecoin. The combination of coins will be revised four times a year, and their proportions will be balanced by a trading algorithm.
Sberbank, the main state-owned bank responsible for processing government employee paychecks, and Alfa Bank, the largest private bank in the nation, according to CoinDesk, plan to enter crypto trading with the help of the AddCapital investment fund, the National Settlement Depository and Group IB.
AddCapital, the investment fund which participated in the recent pre-sale of Telegram tokens, is said to be in charge of the technical solution for the project. The National Settlement Depository, which is a part of the Moscow Exchange Group, will act as the custodian. While testing the portfolio process will take roughly 45 days, the specific dates have not been disclosed.