The state-owned largest Russian lender Sberbank and the National Settlement Depository (NSD) recently completed the trial of its first initial coin offering (ICO) successfully in compliance with the regulatory sandbox. Central Bank of Russia launched the ICO in April this year for creating a secure environment to experiment blockchain-based products and services.
Sberbank & NSD conducts Initial Coin Offering Trial on Masterchain
LevelOne, a company providing commercial lecture center services in the capital of Russia, Moscow issued the test deal. Developed on the platform of Masterchain, during the initial coin offering deal, LevelOne placed 285,800 coins for testing in the environment. The issuer then transferred these coins from its digital account to the account in Sberbank.
In the next step, the issuer offered some coins for paying for a block to perform online tasks followed by completing technical implementations by transferring coins from the account of Sberbank to the digital asset account of the issuer. Since it is not possible to reuse the tokens, LevelOne transferred them to an irrecoverable blockchain address thereby destroying them technically. The company performed all these operations on NSD node.
Incidentally, NSD also served as a custodian for completing the deal and also kept the entire records of the digital assets. The Head of Global Markets Department and Vice President of Sberbank, Andrey Shemetov stated, “Sberbank clients express interest in this type of fundraising, and we are ready to start providing these services and drive mainstream adoption of this type of transactions as soon as the corresponding legislation comes into force.”
Both NSD and Sberbank particularly emphasized that raising funds through ICOs benefits both the investors as well as the issuers. It is because the process allows both the retail and the institutional players an easy access to digital assets with minimal use of resources and costs.
Sberbank waiting for digital financial assets bill
Sberbank is currently awaiting the Duma-approved digital financial assets bill so that the lender can begin the token sale campaigns for its clients. Post the success of initial coin offerings, the Chairman of NSD, Eddie Astanin stated that they are aiming to develop a national policy on economy digitalization for creating a new class asset for ICO ecosystems and investors.