Key players in the Russian banking sector have completed the preparation of infrastructure for conducting cross-border settlements in cryptocurrency. However, entering this market promises to be extremely competitive—according to insider estimates, a "red ocean" awaits us.
According to information obtained from the Chief Operating Officer of the corporate and investment banking division at one of the country's largest banks, the technical foundation for working with digital assets is 100% ready. This means that all leading financial institutions are at the starting line, and the first public advantage will go to whoever can offer services to clients faster.
Race for Market Share
The source emphasized that the current situation resembles a "red ocean"—a market where all competitors already possess identical tools and are vying for the same audience. At the same time, the bank views such competition not as a threat, but as an opportunity. "We love competition; it's a driver. When the market changes, you can gain a share in that change," the expert noted.
Demand Generation—The Main Challenge
However, having ready-made infrastructure does not guarantee instant demand. According to the source, the main difficulty lies not in technology, but in the need to build the market almost from scratch. This process is similar to the launch of digital financial assets (DFAs), which required time for client adaptation.
The first users of the new services will be companies already familiar with cryptocurrency: miners and importers working with jurisdictions where the level of digital currency adoption is higher. For an ordinary corporate client, a lengthy immersion will be required—right down to explaining pricing principles and comparing new tools with familiar ones. "A large number of clients need to be trained, visited, and explained to, with fairly low returns in the initial stages," the source summarized.
Expert Commentary: The market for cross-border crypto settlements in Russia is at a bifurcation point. Technical readiness is only half the battle. The key factor will be the speed and quality of client onboarding. Banks that can effectively educate the market and offer simple, understandable solutions for businesses will take a dominant position in the new "red ocean."