The largest players in the Russian banking sector have fully completed the preparation of infrastructure for conducting cross-border settlements in cryptocurrency. The market, which is just beginning to take shape, is already turning into an arena of fierce competition, where the stakes are extremely high.
Infrastructure is ready, but demand is still dormant
According to my information, the technical foundation for working with digital assets has been established at all systemically important banks. However, having the "pipes" does not guarantee a flow of clients. The complexity lies not in the technology, but in the need to build the market almost from scratch — similar to what happened with the launch of digital financial assets (DFAs).
The first users of the new services will likely be companies already dealing with cryptocurrency in their operations: miners and importers working with jurisdictions where the level of digital currency adoption is higher. For the "average" corporate client, a lengthy onboarding process is required — including explaining pricing principles and comparing new instruments with familiar ones.
"Red ocean" instead of "blue"
The market for cross-border crypto settlements in Russia will initially be a "red ocean" — a space where all competitors are already ready and vying for the same audience. The first advantage will go to whoever enters the market before the others. But even the leader will have to invest significant resources in educating clients, with low returns in the early stages.
"A large number of clients need to be trained, visited, and informed — with fairly low returns in the initial stages," notes a representative from one of the banks. At the same time, the bank itself views such a struggle as an opportunity: "We love competition; it's a driver. When the market changes, you can gain market share through that change."
My analysis
The situation resembles an arms race: everyone is technically ready, but no one knows how quickly real demand will form. The key success factor will be not so much the speed of launch, but the banks' ability to effectively "educate" their corporate clients. The one who can turn complex technologies into a clear and convenient service will gain a decisive advantage in this struggle.