The Distributed Registry Systems company became the first official blockchain operator in Russia towill ensure effective interaction between participants in the financial market.
Russian banks have launched their own blockchain platform
The Association of Financial Technologies (FinTech Association, AFT) announced the registration of the first blockchain operator in Russia. It became the Distributed Registry Systems company.
The founders of the company were the largestRussian banks: VTB, Gazprombank, Promsvyazbank, as well as the National Payment Card System (NSCP) and the Moscow Exchange. Each of the co-founders received 16.67% of the company's shares, and the AFL transferred the rights to Masterchain to the organization.
"Masterchain" acts as a toolinteractions between financial market participants using distributed ledger technology. Let us recall that the MasterChain platform has been developed since 2016, and in 2019 it was tested and received a certificate of conformity from the FSB, which confirms the platform’s compliance with all information security standards and requirements, which is a key condition for the use of digital developments in the financial sector.
Launch of the MasterChain platform incommercial operation took place at the end of 2019. Then Managing Director of the FinTech Association Tatyana Zharkova noted that the launch of a decentralized depository platform (DDS) is an important step for the entire financial market of the country.
Masterchain Platform 1.0 was developed by employees of the organization and passed the appropriate licensing, which proves the safety and reliability of information transfer within the platform. Now it is used to store and exchange mortgages, but soon the solution can be used for all types of securities. The introduction of the Masterchain platform to the financial market is another step towards the implementation of the national program "Digital Economy of the Russian Federation" in terms of the development of end-to-end distributed ledger technology ", - commented Zharkova.
At the end of December 2020, VTB Bank conducted the first transaction to issue a bank guarantee using the domestic Masterchain blockchain.
Russian banks continue to digitize their products
The launch of the Masterchain platform will allow Russianbanks to digitize their products such as mortgages, securities and more. However, the country's financial organizations are not planning to stop there.
For example, Sberbank and VTB intend totwo to three years to increase the production of cards, 50% of which will be digital. Thus, by the end of 2023, Sberbank plans to issue up to 50% of cards exclusively in digital form. VTB plans to expand digitalization to 40% of cards. Currently, digital cards at VTB account for only 5% of the issue, bank representatives noted.
And according to research by Xangle andHanhwa, this year will see a convergence of the traditional finance market and the cryptocurrency sector. This will primarily manifest itself in the integration of digital currencies into the banking system. According to Xangle analysts, as early as 2021, banks will begin to create custodial wallets with cryptocurrency support in order to provide users with simultaneous access to both digital assets and fiat money.
Where is it more profitable to buy cryptocurrency? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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