VTB conducted the first deal with digital assets in Russia

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The second largest Russian state bank VTB in terms of assets, together with the issuer Lighthouse, conducted a transaction with the issue and redemption of digital financial assets (DFA).

As part of the experiment, debt was tokenizedissuer on the platform of the Lighthouse information system operator, after which VTB Factoring purchased the issued digital assets. As a result, the first issue and placement of digital financial assets secured by monetary claims was carried out in the Russian Federation.

Lighthouse CEO Denis Jordanidi said that the first deal with DFA opens a new market for digital commercial finance:

"New technology for financing commercialdebt significantly simplifies Russian business’s access to capital to solve operational problems. The issuance procedure occurs instantly with minimal documentary support.”

General Director of VTB Factoring Anton Musatov boasted about the advantages of the new solution:

“Unlike standard factoringprocedures, in order to assign a commercial debt, the client does not need to enter into a service agreement. The issuer’s decision to issue the DFA on a digital platform and the factor’s consent to the acquisition are sufficient.”

The issue of DFA can be compared with the issueshort-term commercial bonds, where monetary claims are used as collateral, VTB clarifies. Unlike a traditional tool, complete digitalization of the process allows you to reduce the number of procedures and the number of participants in the transaction, which has a beneficial effect on the cost of the issue for the company, state bank representatives assure.

VTB managed to bypass Sberbank beforethe main technology giant to enter a new market. In June, Deputy Chairman of the Board of Sberbank Anatoly Popov reported that the state bank was closely monitoring the development of cryptocurrencies and was going to conduct the first crypto transaction in the near future.

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