Russia's largest banks have fully completed the preparation of infrastructure for cryptocurrency transactions. According to expert estimates, the market is facing fierce competition — essentially a "red ocean," where the battle for clients will begin from day one.
Dmitry Vitman, COO of the corporate and investment banking division at Alfa-Bank, noted that the technical foundation for cryptocurrency settlements is 100% ready across all major players. However, a public market entry will instantly turn it into an arena of intense struggle, where the first mover will gain the advantage.
The term "red ocean" refers to an environment where all competitors have equal readiness and are fighting for the same audience. Alfa-Bank views this situation as an opportunity. "We love competition — it's a driver. When the market changes, you can win a share through that change," the expert emphasized.
The market is being built from scratch
Infrastructure readiness does not equal demand readiness. According to Vitman, the main challenge lies not in the technical sphere, but in the need to create the market virtually from scratch — similar to the launch of digital financial assets (DFAs).
The first clients will be companies already familiar with cryptocurrency: miners and importers working with jurisdictions where the adoption of digital assets is higher. For an average corporate client, a lengthy onboarding process is required — from explaining pricing principles to comparing new instruments with familiar ones.
"A large number of clients need to be educated, approached, and informed, with relatively low returns in the initial stages," the bank's representative noted.
Expert commentary: The situation is reminiscent of the early days of DFAs: the technology exists, but mass demand requires time and educational efforts. The key factor will be the speed of regulatory adaptation and the willingness of businesses to view cryptocurrency not as a speculative asset, but as a working tool for cross-border settlements. The winner will not be the one with the best software, but the one who teaches the market faster.