Russian banks to offer cryptocurrency investment portfolios

Russia’s Sberbank and Alfa Bank will cooperate with AddCapital to issue a new means of investment for private customers, as can be seen from the recent reports in the local media.

Such a portfolio will contain shares of Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The representatives of this project are certain that this mechanism would be more efficient than a simple use of separate digital assets.

The client is receiving a share in the fund that will be an actual entity conducting trading on Bitstamp, Kraken and other exchanges. The aforementioned trading opportunities or portfolios have been made in such a way that the client can instantly convert them to fiat funds and this structure can also be applied to non-crypto assets too, the press notes.

The Russian National Settlement Depository oversees the process together with Group IB which is focused on cybersecurity issues. For the local market, this means further legitimization of digital currencies, although in this case, the trades will be conducted through a proxy organization.

Interestingly, AddCapital has previously engaged with Telegram the leaders of which do not share beliefs the Russian government. The former company issued tokens for the latter during the private sale of Gram tokens.

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