Sberbank, Russia’s largest bank, has announced the launch of a digital financial asset and NFT trading platform.
On February 2, Sberbank explained that its “digital financial assets (DFAs) platform” was open to “all individuals.”
The bank added that “qualified investors” can also invest in a blockchain-powered “asset” linked to the average cost of residential real estate in Moscow.
This token tracks the value of the Sberbank Digital Square Meter Index (SBERDSMI), hosted on the Sberbank CIB Index portal.
The bank explained that it would provide access to this coin until February 15 and that it was “scheduled to expire between December 11 and December 16, 2026.”
Russia ready for DFA influx?
While Sberbank’s digital “real estate” asset is not a crypto asset in name, it appears to be quite close in nature.
However, it may be closer to a form of blockchain-powered digital bonds or security. Sberbank explained that “investors” would “have the opportunity to sell the DFA to the issuer before maturity.”
A spokesperson reminded the public that Sberbank is licensed by the Central Bank “for the issuance, accounting and circulation of digital financial assets.”
Lately, the Russian term ‘DFAs’ has been used to describe a wide range of blockchain-powered coins.
The term in its most modern usage usually excludes decentralized protocols such as Bitcoin and Ethereum.
However, the official landing page of the Sberbank DFA platform contains material that appears to tease the launch of NFT trading offers.
Materials mentioning NFTs on the digital financial asset platform of Sberbank, Russia’s largest banking and technology player. (Source: Sberbank/Screenshot)Since most conventional NFTs use decentralized networks like Ethereum, Sberbank’s offering could be built on private protocols.
Given Moscow’s general skepticism on crypto-related matters, this seems the most likely scenario.
However, the bank made no mention of its NFT activities in its press release, which focused almost entirely on the real estate-linked coin.
Sberbank, Russia’s most optimistic bank on blockchain-related matters, also teased the launch of “Hybrid DFAs.”
The bank noted that this service was “coming soon.” Sberbank wrote that this would combine “[conventional] monetary” aspects with digital ownership.
Russia is facing a widespread internet outage affecting users across the country, with access to websites on the local .ru domain https://t.co/ApAYGXAj72
— Bloomberg Technology (@technology) January 30, 2024
NFT Move for Sberbank – Russia Ready for Crypto and CBDC Push?
Anatoly Popov, deputy chairman of Sberbank’s board of directors, said the bank had tested its currency with “a limited number of investors” last month. He added:
“The new […] DFA will help our customers diversify their portfolio and become part of the fast-growing high-tech DFA market in Russia.”
Sberbank, Russia’s largest asset holder, is majority state-owned and has also become a major technology player in recent years.
Last week, the Central Bank announced that Sberbank and sixteen other commercial banks would join the second phase of Russia’s digital ruble pilot.
Big developments could be in store for Sberbank, the other major Russian banking groups and its IT companies.
Earlier this month, the country’s largest banking group announced the creation of a “digital assets” council.
And Nornikel, the country’s most prominent metal miner, announced plans to become the first Russian company to pay dividends to its employees using digital tokens.