Sberbank Now Supports Crypto Trading For Customers

Key Points:

• Sberbank intends to provide cryptocurrency trading services to its customers.
• The announcement said that the bank’s customers would be able to access the service to buy and sell cryptocurrencies starting this month.
• While the United States continues to crack down on the digital asset industry, in Russia, the opposite is true.

Sberbank, Russia’s largest bank, is planning to provide crypto trading services to its clients.

According to the release, current bank clients will be able to use digital asset services beginning this month. The bank is now preparing to enable investors to purchase and sell cryptocurrency.

While the bank had intended to launch cryptocurrency purchasing services in April, it was decided to postpone it.

Sberbank also intends to provide digital financial assets (DFA) transactions to its clients, according to the bank’s vice president Anatoly Popov.

Popov outlined Sberbank’s cryptocurrency hopes in Russia. As a result, he believes Sberbank will be able to issue digital assets worth tens of billions of rubles in the near future.

As the United States continues to exert pressure on the cryptocurrency industry, Russia has begun to exhibit the opposite tendency. The fact that Russia’s largest bank, Sberbank, provides cryptocurrency trading services is key evidence of this. With governmental enforcement aplenty in the United States, it seems that the worldwide cryptocurrency business is expanding at an optimistic rate. Sberbank, Russia’s biggest bank, is now planning to provide crypto trading services to its clients.

The US filings against Coinbase and Binance in recent days have highlighted that harsh days are coming for the country’s crypto sector.

Customers may buy and sell CFA products, which are a combination of assets and securities, according to Popov. He said that the timing for these ideas would be released later this month.

Sberbank initially said that it would begin offering cryptocurrency trading services toward the end of 2022. It said at the time that these services would be available in the first quarter of 2023.

Sberbank Vice President Alexander Vedyakhin also underlined the advantages of starting cryptocurrency trading services. This action, he believes, may open the door for greater money to flow to banks.

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