Sberbank ICB – state-owned, multinational investment bank, and asset management firm just announced their intention to test out a new ICO, by utilizing the Bank of Russia regulatory platform. The first coin transaction is planned to take place in late summer of 2018.
The platform will be using the NSD’s ( National Settlement Depository) financial market structure, where every transaction will take place. NSD will be also responsible for registering, maintaining and record of the digital assets. Initial Coin Offering will be handled by Level One.
The main goal of the Initial Coin Offering is acquiring data on how such transactions work while minimizing associated risks. The aim of the ICO is also to test specific features as well as to gather much-needed feedback for future improvements. The leader of Russia’s investment banking – Sberbank wants to make sure offered by them ICOs are more transparent and appealing to traditional investors.
It is believed that this ICO will not be a single event, but rather a beginning and a testbed for future releases. The goal of Sberbank is to create foundations for Russia’s digital economy and therefore – future projects. Such projects developed and governed by the credible institution like Sberbank will give cryptocurrency much-needed validation, bringing institutional investors that will ensure growth and better capitalization.
“"Sberbank CIB believes that the Russian ICO market is very promising. Many of our clients have shown an interest in this method of financing and we intend to actively promote this service by driving the institutionalization and popularization of ICOs after the corresponding legislation is passed"”- Igor Bulantsev, Senior Vice President of Sberbank
If executed correctly, this will tremendously strengthen Russia’s digital economy, giving it transparency, creating a whole new ecosystem and a foundation for future projects.