The largest bank in Russia launches structured bonds linked to Bitcoin
Sberbank, the largest bank in Russia, has launched a new structured bond, the product of which is linked to the price of Bitcoin (BTC) and the exchange rate of the US dollar against the ruble.
The bond is initially only open to a group of qualified investors through over-the-counter transactions. The benefits for holders will depend on two variables: the future performance of Bitcoin against the US dollar and the magnitude of the appreciation of the US dollar against the ruble.
Investors do not need to open a cryptocurrency wallet or use a foreign cryptocurrency exchange to participate; all transactions are conducted in rubles and processed through the "legal and infrastructure system" within Russia.