Sber, the largest bank by assets in Russia, will be tracking the performance of some of the largest crypto companies with its very own exchange-traded fund (ETF).
A few hours ago, Sber posted an official announcement on its website stating that their subsidiary company Sberbank Asset Management will be releasing their "ETF Blockchain Economy". The project will allow investors to participate in the digital economy without directly going into the blockchain technology itself.
The General Director of Sberbank Asset Management Evgeny Zaitsev briefly explained that even though most people know about blockchain technologies, it’s growing faster than anyone has anticipated, so it's really hard to catch up. The whole idea of this ETF is to let people invest "in companies that ensure the development of blockchain technologies."
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He expanded a bit on the potential of such technology in terms of investments by stating:
"An exchange-traded fund is available to anyone due to its simplicity and low entry threshold, while you get a ready-made set of securities of promising innovative international companies that specialize in the development of fintech and breakthrough technologies."
Currently, Sberbank’s share prices, or SBBE’s, start at around $0.013 which can be purchased on its Investor app, or from any domestic brokers in Russia. Likewise, the shares are open to any sort of investors, and it does not violate any restrictions that were recently imposed by the Russian government.