Sberbank Eyes Crypto Wallets and Custody Services by December

Sberbank, Russia's largest bank, is planning to launch cryptocurrency wallet and custody services by December. This move continues its strategy of leading in the fintech sector. Sberbank has been involved in the pilot project for the digital ruble with the Central Bank of Russia.

The bank aims to smoothly transition user assets from traditional bank deposits to digital assets through deep integration with existing retail and investment platforms. The new licensing system will also provide revenue sources from cross-border settlements, driven by the global trend of banking crypto adoption.

This initiative is similar to European banks accelerating crypto custody setups after regulatory changes. Russia's banking sector is expanding due to regulatory changes, with traditional banks now able to enter digital assets lawfully. Banks can capture market share in custody and settlement quickly due to their existing user base and compliance advantages.