Two of Russia’s largest banks to drive bitcoin and cryptocurrency portfolios
Sberbank and Alfa Bank, two of Russia’s largest banks, will offer clients cryptocurrency portfolios that will be trading six popular shares on major exchanges including Kraken and Bitstamp.
According to a Kommersant report the two banks plan to enter crypto trading by seeking help from Group IB, AddCapital investment fund, and the National Settlement Depository.
Alfa Bank is the largest private bank in Russia, while Sberbank is state-owned and is responsible for processing government employee pay checks.
Addcapital investment fund will be in charge of providing technical solution for the project, Coindesk reported. The portfolio will include the six most popular cryptocurrencies, together with bitcoin, bitcoin cash, litecoin, and ethereum. In a year, at least four times the combination of coins will be revised and their proportions will be balanced by a trading algorithm.
PostedOn: 18 Jun 2018
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