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- Russian Bank Sber has announced launching a blockchain exchange-traded fund.
- It was also on its way to launching its new cryptocurrency called Sbercoin.
- However, due to the Russia-Ukraine conflict, the bank is facing a serious blow.
Russian Bank Sber had announced earlier this year that they were planning to launch a blockchain exchange-traded fund (ETF). This was to track the performance of major crypto companies, such as Coinbase and Galaxy Digital.
Sberbank is a Russian majority state-owned banking and financial services company headquartered in Moscow. They had stated that the new ETF would be linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto 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 also on its way to launching its new cryptocurrency called Sbercoin. Sberbank had even sent an application to the Central Bank of Russia requesting an approval. The bank was aiming to issue Sbercoin possibly by spring.
Per Sergey Popov, Sberbank’s Transaction Market Divisions Director, had said:
Sberbank submitted an application to the Bank of Russia for registering our platform in the first days of January, on the first working days last week.
However, because of the recent Russian attack on Ukraine and consequent developments, Sberbank, Russia’s biggest lender is facing severe obstacles. The bank has been forced to abandon its business in Europe after western sanctions on Moscow triggered public backlash against the lender. And after this announcement, its shares plunged 95% on the London Stock Exchange. It waits to see what the Russian bank’s next move will be.
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