Russian Bank to Trade Crypto Overseas Despite Regulations

The state-owned russian bank Sberbank is going to sell well-known cryptocurrencies to customers abroad
31 January 2018   453

Sberbank is the largest state-owned bank in Russia and third largest in Europe with the major part of Sberbank subsidiaries (52%) owned by Russian Government. Russian laws prohibit trading cryptocurrencies, and selling crypto within the country is illegal, but Sberbank does not want to lose the possibility to provide their services for clients.

Andrey Shemetov, Sberbank’s Head of Global Markets, claimed that the bank is developing a strategy for trading cryptocurrencies overseas in order to avoid violating domestic rules. Sberbank aspires to satisfy the interests of clients that is why it needs to gain access to a wide range of products.

Anton Siluanov, the Minister of Finance of Russia, published draft law on the regulation of digital assets in Russia that is expected come into force in September of 2018.

The only solution found for crypto trading is Swiss branch of Sberbank called AG. Moreover, Sberbank’s Head of Global Markets said that Swiss colleagues were setting up an infrastructure for trading cryptocurrency. As a first step, the product will be available only to legal entities.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   121

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.