Russian Alfa-Bank wants to offer crypto services to customers

Alfa-Bank, the largest private bank in Russia, announces that it wants to offer crypto-related services to both its own customers and other companies. The bank also wants to invest in products based on public blockchains to attract foreign investors.

Alfa-Bank is available at OKX and Bybit.

Alfa-Bank wants to become a digital custodian

According to Dmitry Vitman, the Chief Operating Officer of Alfa-Bank, the bank plans to become a regulated digital custodian. In doing so, the bank wants to serve not only its own customers but also provide services to other legal entities. This involves the custody of digital assets and the offering of crypto-related financial services.

Additionally, the bank wants to develop investment instruments based on open blockchains. This is intended to appeal particularly to international investors. Alfa-Bank states that the plans will commence after the new Russian legislation on cryptocurrency comes into effect, reports Bits.media.

Russian banks bet on crypto

Alfa-Bank is not alone in this move. Sberbank and T-Bank are also announcing plans to obtain a licence for digital custody. It appears that large Russian financial institutions are increasingly preparing for a crypto-enabled future, in anticipation of clear regulations from the government.

Alfa-Bank’s step fits into a broader international trend in which traditional banks enter the crypto market. We have previously seen similar moves in other countries, where regulators and banks are increasingly joining forces to give digital assets a permanent place in the financial system.