Sberbank Launches Digital Assets and NFT Platform in Russia

Sberbank, the largest bank in Russia, has announced the launch of a digital financial asset and NFT trading platform.

Sberbank, Russia’s largest bank, introduces digital assets and NFTs for retail investors.

Last updated: February 3, 2024 21:20 EST | 2 min read

Sberbank, Russia’s biggest bank, has unveiled its digital financial asset (DFA) and NFT trading platform. The platform is open to all individuals, and qualified investors will have the opportunity to invest in a blockchain-powered asset tied to the average cost of residential real estate in Moscow. This innovative token, known as the Sberbank Digital Square Meter Index (SBERDSMI), will be available until February 15 and has a scheduled maturity between December 11 to December 16, 2026.

Russia Set for DFA Influx?

While the Sberbank “real estate” digital asset may not be classified as a traditional cryptocurrency, it exhibits similar characteristics. It can be seen as a form of blockchain-powered digital bond or security that investors can sell to the issuer before maturity. Sberbank holds a Central Bank permit for the issuance, accounting, and circulation of digital financial assets. The term “DFAs” in Russia has been used broadly to describe various blockchain-powered coins, excluding decentralized protocols like Bitcoin and Ethereum.

As per the official Sberbank DFA platform landing page, the materials suggest a possible launch of NFT trading offerings. While conventional NFTs are typically built on decentralized networks like Ethereum, Sberbank’s offerings may be developed on private protocols. Considering Moscow’s cautious approach to crypto-related matters, this seems to be the most likely scenario. However, the bank did not mention its NFT operations in the press release, which primarily focused on the real estate-pegged coin. Sberbank has also hinted at the upcoming launch of “Hybrid DFAs” that combine conventional monetary aspects with digital property.

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NFT Move for Sberbank – Russia Readying Crypto and CBDC Push?

Anatoly Popov, Deputy Chairman of the Board at Sberbank, revealed that the bank had tested its new DFA with a limited number of investors. Popov expressed the belief that the new DFA will help clients diversify their portfolio and participate in Russia’s fast-growing high-tech DFA market. Sberbank, being the country’s largest asset holder and majority state-owned, has emerged as a significant player in both banking and technology. Recently, it joined the second phase of the Russian digital ruble pilot, indicating potential major developments for Sberbank, other major banking groups in Russia, and its IT firms. A digital assets council was launched by the nation’s largest banking group, and Nornikel, the country’s leading metal miner, plans to become the first Russian company to pay employee dividends using digital tokens.

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Q&A Section:

Q: Is the Sberbank digital financial asset (DFA) similar to traditional cryptocurrencies like Bitcoin and Ethereum? A: While the Sberbank DFA shares similarities with cryptocurrencies, it is not a typical cryptocurrency itself. It functions more like a blockchain-powered digital bond or security. The term DFA in Russia refers to a broader range of blockchain-powered coins, excluding decentralized protocols like Bitcoin and Ethereum.

Q: Will Sberbank’s NFT offerings be built on decentralized networks like Ethereum? A: Sberbank’s NFT offerings are more likely to be developed on private protocols rather than decentralized networks like Ethereum. Given Moscow’s cautious approach to crypto-related matters, utilizing private protocols ensures tighter control and compliance with regulations.

Q: What are “Hybrid DFAs”? A: Sberbank has teased the launch of “Hybrid DFAs,” which combine conventional monetary aspects with digital property. This innovative approach aims to leverage the advantages of both traditional finance and digital assets.

Q: What are the potential implications of Sberbank’s involvement in the Russian digital ruble pilot? A: Sberbank’s participation in the Russian digital ruble pilot signifies its active engagement in the development of a central bank digital currency (CBDC). This involvement suggests that Sberbank, along with other major banking groups in Russia, is preparing for the future impact of crypto and CBDCs on the financial landscape.

Reference List:

1. Billionaire Tim Draper Didn’t Expect US Government to Be “Paranoid” About Bitcoin
2. Polygon NFT Volume Hits 6-Month High, Igniting Renewed Interest in Layer-2 Scaling Solution
3. Official Sberbank DFA Platform Landing Page
4. Eu Regulators Investigate Banks’ Crypto Exposure
5. Group-17 Russian Banks Officially Join Second-stage Digital Ruble Pilot
6. Russian Digital Currency Group Confirms Settling $700M Debt Using Digital Assets
7. Russian Banking Association Launches Digital Assets Council

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