Alfa-Bank from Russia Sets Sail into Digital Asset Industry, Launches A-Token

Digital Asset

The Alfa-Bank based in Russia has reportedly launched a new digital asset platform. The reports confirm that the new platform is “A-Token”.

The purpose of the new platform is to facilitate the issuance and distribution of the DFAs (digital financial assets).

The information pertaining to the Russian bank’s latest move has been shared by one of the local reporting firms, RBC.

Alfa-Bank has DFA License

The Alfa-Bank has announced that it has recently acquired the DFA issuance registration. The officials at the bank have confirmed that the Bank of Russia is responsible for issuing the registration of the DFAs.

The announcement was made on Thursday and now, the Alfa-Bank can offer digital assets to users in a regulated and authorized environment.

Alfa-Bank Unlocks an Achievement

The Alfa Bank is the largest private bank in Russia and with the authorization of issuing digital assets, it has unlocked a new achievement.

It has become the first-ever private bank in Russia to mint and issue digital coins. However, it is not the only bank in Russia that has the authorization of issuing and distributing digital coins.

The Sberbank, which is owned by the state of Russia, has the authorization of minting and issuing digital tokens.

The Sberbank also ranks as the largest bank in Russia in terms of holding the highest number of assets.

Other Entities Issuing Digital Assets in Russia

Alfa-Bank and Sberbank are not the only entities in Russia issuing and offering digital asset services. Several other entities in the country are involved in offering these services.

The entities include Atomyze, which is a tokenization service and it is issuing digital assets in partnership with Rosbank.

Then there is Lighthouse, which is a fintech firm operating in Russia. It is issuing and offering its digital assets in partnership with the VTB bank.

Sberbank is also getting ready to launch its own decentralized finance (DeFi) platform. The banking institution is aiming to do it somewhere in the year 2023.

Digital Asset Platform by Alfa-Bank

The Alfa Bank is aiming to launch its new digital asset platform somewhere in the middle of the ongoing year.

The officials have revealed that they will be releasing the pilot for the platform by the end of February. It will let the participants test out its features and highlight any abnormalities to make things right.

The Alfa-Bank wants to make it an all-out platform for users. Therefore, it is working on launching a mobile application for the digital asset platform as well.

The users will be able to access the A-Token platform through the mobile application when it is made available to the public.