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The largest state-owned banking and financial services provider in Russia and the post-Soviet space Sberbank announced on December 30 the launch of the country’s first blockchain-based exchange-traded fund (ETF), giving investors access to the blockchain space. Sber asset management officially informed that the newly launched ETF will be linked to various crypto and blockchain-based industries. The new product will operate under the ticker Sber-Blockchain economy (SBBE) and will provide Russian investors an opportunity to profit from the crypto sector without the need to get involved directly in the development, acquisition, storage, and sale of digital assets. The bank said that it’s the first-of-its-kind in the Russian stock market.
According to the bank, the SBBE will function in the following ways:-
According to the bank, the SBBE will function in the following ways:-
- It will track the Economy index introduced by Sber.
- The Economy Index will include the following areas:
- The securities of companies working with cryptocurrencies and blockchain technologies.
- Producers of crypto mining hardware and software
- Crypto assets issuing entities and businesses providing consulting services in the field of blockchain.
- The fund’s currency is US dollars, but investors are allowed to purchase shares with rubles through the
Sberinvestor application or through any Russian broker. - The price of the shares starts at 10 rubles.
- The SBBE will hold securities of companies dealing with cryptocurrencies and the technologies that support them.
- Some of the major crypto exchanges are Coinbase, blockchain software developer Digindex, and crypto financial services provider
Galaxy Digital .
The Sber Asset Management CEO Evgeny Zaitsev said on the launch that these crypto-related assets are mainly concerned with the firms working on the development of blockchain technologies.
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Read More: Russia’s Sberbank launches country’s first ever blockchain ETF securities – Times of
