Russia’s largest bank launches country’s first blockchain ETF.
The new instrument holds securities of companies dealing with cryptocurrencies and the technologies that underpin them.The largest banking and financial services provider in Russia and the post-Soviet space, Sberbank, hasthe launch of a blockchain ETF.
The ETF tracks the Sber Blockchain Economy Index which includes securities of companies operating with cryptocurrencies and blockchain technologies. “Today, they are used in a variety of industries and solve a variety of problems — from protecting personal data and confirming copyright to creating platforms for the internet of things and online voting,” the bank explained.
Among those covered by the index are producers of crypto mining hardware and software, entities issuing crypto assets, and businesses providing consulting services in the field of blockchain, the state-owned bank added. Well-known names in the space, like crypto exchange Coinbase, blockchain software developer Digindex, and crypto financial services provider Galaxy Digital, are on the list.
Sberbank emphasized that its blockchain economy ETF is the first of this kind on the Russian stock market. The fund’s currency is U.S. dollars but investors can buy shares with Russian rubles through the Sberinvestor application or with the help of any Russian broker, the bank detailed. The price of shares starts at 10 rubles.
The crypto-related instrument is being introduced after the head of the Central Bank of Russia, Elvira Nabiullina,
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