Sberbank Targets $46B Trading Volume for First-Year Crypto Rollout
Russia's largest bank, Sberbank, is gearing up to launch its cryptocurrency services, including a Bitcoin and crypto wallet, digital asset custody, and acceptance of cryptocurrencies as loan collateral. According to Sberbank Deputy Chairman Anatoly Popov, the bank expects trading volume with its new crypto rollout to hit 4 trillion rubles ($46.43 bln) in the first year.
The forecast is considered 'conservative' by some, with Popov stating that volumes are expected to reach 7.5 trillion rubles ($87.06 bln) by 2029. Sberbank plans to debut its crypto services by December, including a Bitcoin and crypto wallet and digital asset custody.
The move comes as Russia continues to regulate digital assets in the country. A recent law restricts trading to registered exchanges, keeps crypto payments banned, and authorities are cracking down on unregistered platforms.