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Russian Sberbank launches crypto ETF with companies like Coinbase and Galaxy Digital

 


The ETF called "Sber - Blockchain Economy" should run under the ticker SBBE and map some of the most important crypto companies.


Sberbank, Russia's largest bank, which is largely state-owned, is launching a blockchain index fund (ETF) that tracks the price performance of several large crypto companies, including Coinbase and Galaxy Digital.


As Sber Asset Management, the bank's asset management company, announced on Thursday , a wide variety of crypto and blockchain companies will be managed in the new ETF, including software providers, mining companies and trading platforms.


The index fund called "Sber - Blockchain Economy" is traded under the symbol SBBE and is a replica of the index of the same name that the Sber subsidiary SberCIB launched some time ago.


The SBBE's portfolio includes influential companies in the crypto industry such as the leading American crypto exchange Coinbase, the crypto investment company Galaxy Digital led by Mike Novogratz and the blockchain service provider Digindex.


Although the SBBE is traded in US dollars, Russian investors can also pay in rubles via the Sber investment app or "any other Russian broker". The minimum price for introduction is 10 rubles or $ 0.013.


As the official announcement says, the Sber blockchain ETF is "the first ETF in Russia that offers investors the opportunity to earn money in the crypto market without having to face the difficulties of buying, custody and selling" .


In addition, "direct crypto investments would be associated with high risks, which is why it is difficult to trade with them independently". For this reason, Sberbank wants to offer its investors "the opportunity to invest not directly in cryptocurrencies, but in companies that work with blockchain technologies". Therefore, the new index fund should also be open to "everyone", as Evgeny Zaitsev, CEO of Sber Asset Management, explains.


The launch comes a few weeks after managing director Vasily Illarionov announced in mid-December that Sber would launch a blockchain ETF. Because the index fund is not subject to the restrictions imposed by the Russian central bank, private investors are also allowed to invest in it.


As previously reported, the Russian Central Bank has a general ban pronounced that fund the direct purchase of crypto currencies like Bitcoin ( BTC forbids).

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