Two Russian largest banks will test the service of private banking for investors wishing to work with cryptocurrencies. The pilot will be launched in the regulatory sandbox of the Russian Central Bank.

Sberbank and Alfanank will test several private banking products, based on digital financial assets. Such a decision was made last Wednesday during the discussion at the roundtable "Digital financial assets for banks, funds and large capitalists: the position of the regulator and solutions for investors," Russian newspaper Kommersant reports.

"We want to offer our clients an absolutely transparent way to enter the digital assets market that fully meets the requirements of the regulator and will allow them to invest in an interesting product from Russia," said Anna Ivanchuk, deputy head of Sberbank Private.

According to Anton Rakhmanov, managing director for product development in Alfa-Bank's private wealth management unit, cryptocurrencies, or digital financial assets, will sooner or later become a large part of the global economy and can not be ignored.

Two box solutions, algorithms Perceptron R and RQ, will be tested within the pilot, Alexey Prokofiev, managing partner of the AddCapital foundation, said. This fund participates in piloting and took part in the development of private banking products together with Sberbank, Alfabank and the National Settlement Depository (NSD).

The investment portfolio will consist of six major currencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, etc.). The set of currencies in the portfolio will be reviewed once a quarter, and their shares change dynamically according to the algorithm. Trades will be conducted only on audited cryptocurrency exchanges, such as Bitstamp and Kraken.

"The client actually receives a fund unit. The assets of the fund are stored using custody solutions and audited by the Group IB cybersecurity company. The unit is liquid, it is possible to request the withdrawal or exchange to fiat currency at any time," explained Prokofiev.

The minimum amount for qualified investors will be about $500,000.