VTB Bank Breaks New Ground with Crypto Services
Russia's VTB Bank, the nation's second-largest financial institution, is preparing to enter the cryptocurrency market. State-owned and ranking among the top 150 global banks with $35 trillion in assets, VTB aims to expand its client base from 25 million to 35 million users within the next year.
The bank will initially offer crypto services to high-net-worth individuals—clients with portfolios exceeding $1.3 million or annual incomes above $649,000. Andrey Yatskov, head of brokerage services, confirms strong client demand for digital assets, noting cryptocurrencies will be purchasable through existing brokerage accounts.
This MOVE follows Russia's full regulatory approval of crypto transactions, with major players like Sberbank already active in the space. The Central Bank of Russia currently permits domestic banks to offer crypto derivatives, signaling growing institutional acceptance of digital assets.
