Russia is an important financial market in the world and its involvement in cryptocurrency development is even more influential. On January 11 2018 the largest bank in Russia has announced an investment in the blockchain laboratory. Sberbank CEO, Herman Gref, assured residents that they need to support cryptocurrencies due to country’s economics.
Sberbank’s future plans
Today, the Russian bank is planning to set up crypto exchange in Zurich. On January 30 2018, Andrey Shemetov, Sberbank head of global markets, announced that the Russian bank makes plans fot setting up the cryptocurrency exchange in Zurich.
He argued that: “Global trading is an area of constant development as due to our strategy we intend to continue developing online products. Vladimir Yarovoy’s experience in keeping rapid development of new products and innovations will be invaluable, because Sberbank CIB supports the development of its proposals for better customer satisfaction “.
The bank’s team have announced that the crypto exchange will operate under the name Sberbank (Switzerland) AG and will be based in Zurich. This project will be located in Switzerland due to future changes in Russian regulations. In Switzerland, the company will have the freedom to pursue its professional activities in compliance with team preferences and market demands.
Unfortunately, Shemetov has announced that many users will not be able to profit the services offered by the future crypto exchange because these are very volatile. The provided services will be available only to legal entities.
Switzerland is a strong financial market that includes crypto technologies. It is known especially for its “Crypto Valley” based in Zug. Of course, if two important markets cooperate, we can foresee the next technological revolution. It is not known, when the project will be launched.