Russia's largest commercial bank Sberbank issues Bitcoin-linked bond

Sberbank, the largest commercial bank in Russia, has launched a bond product linked to Bitcoin (BTC).

According to cryptocurrency media outlet Cointelegraph on the 3rd (KST), on the 30th, Sberbank announced in a statement that it plans to list this Bitcoin-linked bond product, which tracks the rates of both crypto assets and the Ruble, on the Moscow Exchange in the future. Currently, it is only being sold over the counter to a limited group of investors.

Sberbank explained, "This product is designed so that holders can profit from changes in Bitcoin's value against the dollar and from appreciation in the Ruble's exchange rate against the dollar," adding, "All transactions are settled in Rubles within the framework of Russian law, so there is no need to rely on crypto wallets or unregulated platforms."

Additionally, Sberbank plans to launch crypto asset exchange-traded products (ETPs) on its own platform, with the first product being a Bitcoin futures ETP.