Sberbank plans to open a swap in Switzerland

Sberbank plans to open a swap in Switzerland

Sberbank, the largest state-owned bank in Russia, announced its intention to launch a cryptocurrencies exchange through its Swiss subsidiary, Sberbank Switzerland AG.

Global Market Director Andrey Shemetov said the Russian bank chose Switzerland to launch this project because Russian law has not yet been implemented and the area of ​​crypto operations is not yet properly regulated, while Switzerland already has a legal structure for this type of activities.

We want to provide extensive services to our customers and we believe it is necessary to have strategic access to various products and services.

Sberbank is at the development stage of the transaction infrastructure, but does not intend to provide services to the general public, but will specialize in services to companies and other entities with legal personality.

Shemetov also said that investment in cryptocurrencies is currently risky because of market volatility, but it is an extraordinary opportunity for profits.

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