Alpha Bank plans to become a digital custodian institution, providing cryptocurrency related services

According to Bits.media, Russia's largest private bank Alpha Bank plans to become a digital custodian and provide cryptocurrency related services to customers and other legal entities. Dmitry Vitman, the Operations Director of Alpha Bank, stated that the bank hopes to create investment tools based on open blockchain to attract foreign investors and develop its own products and tools. Dmitry Vitman predicts that large-scale cryptocurrency liquidity in Russia will emerge no earlier than the end of 2027. Digital custody institutions are responsible for monitoring customers' encrypted transactions and freezing transfers to addresses that have not been approved by the state.