The largest bank in Russia, Sberbank has launched what it said is the nation’s first exchange traded fund (ETF) to offer exposure to firms involved in the blockchain industry.
In a statement, the bank said that called the Sberbank Blockchain Economy ETF, the fund from Sber Asset Management trades on the Russian stock market under the ticker ‘SBBE’. It targets to track the Sber Blockchain Economy Index. This gives investors exposure to cryptocurrency trading companies including Galaxy Digital, Coinbase and Digindex, the blockchain software provider. The product will offer investors exposure to the ‘blockchain economy without the problems linked with the direct purchase, development, storage and sale of digital assets.
Russia has been strongly expressing its stand against cryptos, citing that they can be utilized to finance terrorism or for money laundering. Lately, Russia’s central bank said it is anticipating prohibiting crypto investments in the nation. It added that it is working on a ruble-focused central bank digital currency (CBDC).
Yet cryptocurrency is famous in Russia. The bank said that more than $5 billion of transactions are carried out in the nation yearly. There has been a surging interest in ETFs, offering investors with exposure to crypto and blockchain companies globally. Lately, the United States has made a number of bitcoin futures accessible to investors.