The most powerful bank in Russia is preparing to launch a crypto exchange in Zurich, Switzerland. Is this beneficial for Russia or not?
Russia is an important financial market globally, and its involvement in the crypto development makes it even more influential. On 11 January 2018 the largest bank in Russia have announced about an investment made in a blockchain laboratory. The head of Sberbank, Herman Gref assured the population that they need to support the digital cryptocurrency for the country’s economy.
About Sberbank’s future plans
Today, the Russian bank builds a plan to set up a cryptocurrency exchange in Zurich. The announcement was made on 30 January 2018 by the Sberbank’s Head of Global Markets- Andrey Shemetov. He argued that “The Global Markets business is an area of ongoing evolution as due to our strategy we plan to continue developing online products. Vladimir’s experience in keeping apace with change through new product creation and innovation will be invaluable as Sberbank CIB furthers the development of its proposition to better meet client needs”, related Finance Magnates.
The bank’s team have announced that the crypto exchange will work under the name of Sberbank (Switzerland) AG and will be based in Zurich. This project was chosen to be housed in Switzerland, because of the future changes in Russia’s regulations.
Thus, in Switzerland, the company will have the freedom to pursue its professional activities in accordance with the team preferences and market demands.
Unfortunately, Shemetov has announced that numerous users will not be able to benefit from the services offered by the future crypto exchange, because these are very volatile. Also, the provided services will be available only to legal entities.
Switzerland is a strong financial market that embraces crypto technologies. It is renowned especially for its “Crypto Valley” based in Zug. Certainly, if two important markets work together we can assume a future technological revolution.
Currently, it’s not known when the project will be released.
Do you think that Sberbank’s new crypto exchange established in Zurich will be a success?