Russia is a significant player in the global financial market, and its involvement in the crypto world is much more influential. Sberbank, the most important bank in Russia, on 11 January 2018, announced an investment in a blockchain laboratory. The head of the bank, Herman Gref assured Russians that they need to support the cryptocurrency for the country’s economy.
Today, Sberbank builds a plan to set up a cryptocurrency exchange in Zurich. On 30 January, the Sberbank’s Head of Global Markets- Andrey Shemetov made the announcement. He argued, “The Global Markets business is an area of ongoing evolution as due to our strategy we plan to continue developing online products. Vladimir’s experience in keeping apace with change through new product creation and innovation will be invaluable as Sberbank CIB furthers the development of its proposition to better meet client needs”, related Finance Magnates.
According to the bank’s team announcement, the cryptocurrency exchange will work under the name Sberbank (Switzerland) AG, and it will be based in Zurich. Switzerland as the place for the project was selected due to the future changes in Russia’s regulations. Therefore, in Zurich, the exchange will be free to conduct its professional activities by the team preferences and market demands.
According to Shemetov, many users cannot be benefited by the services offered by the future exchange, because these are very volatile. Also, the provided services will be available only to legal entities.
Moreover, Switzerland is a robust financial market that promotes crypto. It is well-known for its “Crypto Valley” based in Zug. It is sure that if the two markets work together, a significant technological revolution will be noticed.