Sber, Russia's largest bank, has introduced a structured bond linked to Bitcoin that tracks both the price movements of the cryptocurrency and the USD/RUB exchange rate.
The product, currently available on the over-the-counter (OTC) market, will be listed on the Moscow Exchange to improve transparency and liquidity for institutional investors.
Sber has highlighted that the bond allows investors to take advantage of fluctuations in the dollar-denominated price of Bitcoin and the strength of the dollar against the ruble, all within Russia's regulatory framework.
Transactions are conducted in rubles, eliminating the need for cryptocurrency wallets or unregulated platforms.
In addition, Sber plans to expand its offering of cryptocurrency-linked products.