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Alfa-bank: Russian financial giant launches digital asset offering.

This initiative could signify their growing involvement in the digital space and their willingness to offer modern investment instruments.

Date: 2024-03-04 Author: Marek Stiller
Alfa-bank: Russian financial giant launches digital asset offering.

One of Russia’s largest financial institutions, Alfa-bank, has created a “digital financial asset”(DFA) that includes cash, stocks and gold.

Alfa Bank issued a press release on February 28 stating that its new “tool” allows customers to “invest in four asset classes simultaneously” using tokens issued by the bank.

Alfa-bank launches DFA – more Russian banks to follow?

The company said it has “created a DFA based on listed investment funds” in cooperation with its subsidiary Alfa Capital Management Company.

The bank said it will launch its offering called Evergreen Portfolio on the A-Token platform. After receiving permission from the Central Bank to issue DFA in 2022, Alfa Bank launched A-Token in 2023. Since Alfa, Russia’s largest private bank, was launched shortly after a similar move by state-owned Sberbank, the move is significant for the growing DFA industry.

In early February, Sberbank unveiled a blockchain-based “digital assets” platform for its retail customers. Interestingly, NFT is part of the platform’s development phase.

This suggests that Russian banks may try to introduce non-convertible token offerings in the future.

“Four asset classes” – stocks, bonds, gold and cash – are Alfa Bank‘s new offerings.

Russia is considering DFA expansion.

According to Alfa representatives, their platform is already a leader in the domestic market. Vladimir Voeikov, director of large and medium-sized enterprise operations at Alfa-bank, said:

In 2023, almost half of Russian transactions conducted in digital financial services took place on the A-Token platform.
Voeikov says Alfa DFA’s portfolio currently consists of 86 digital tokens, accounting for 45% of the domestic market.

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The company made a breakthrough in January when it announced the completion of Russia’s first gold transaction using “hybrid digital rights.”

In late 2023. Alfa and Sberbank also conducted the country’s first pilot interbank “parallel DFA transactions.”

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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