Russia’s Largest Bank, Sberbank, Launches a Highly Anticipated Bitcoin Initiative

Russia's largest bank, Sberbank, has launched a new structured bond product indexed to Bitcoin and dollar/ruble exchange rate performance. These bonds will be offered over-the-counter (OTC) to qualified investors, who will have the opportunity to profit from both the future performance of Bitcoin against the dollar and the strengthening of the dollar against the ruble. The new product allows investors to trade in rubles without having to open a crypto wallet or use foreign cryptocurrency exchanges. All transactions take place within the legal and infrastructural framework of Russia. Related News: FED Member Goolsbee Makes Surprising Statements - Speaks Positively About Interest Rate Cuts Along with this product, Sberbank will also launch a Bitcoin futures product via the SberInvestments platform on June 4. The product will also be listed on the Moscow Exchange on the same day. The bank’s move comes on the heels of the Russian Central Bank announcing that it has allowed financial institutions to offer crypto-related products to qualified investors. Sberbank plans to launch similar crypto-focused structured financial instruments that will be traded on the Moscow Exchange in the future. *This is not investment advice. Continue Reading: Russia’s Largest Bank, Sberbank, Launches a Highly Anticipated Bitcoin Initiative