Russia's financial sector is on the verge of a tectonic shift. As revealed in an exclusive discussion with Dmitry Vitman, a high-ranking representative of Alfa-Bank's corporate and investment business, the country's largest banks have already completed the creation of a technical infrastructure for conducting cross-border settlements in cryptocurrency. This is not about pilot projects, but a fully ready infrastructure that is merely awaiting its market launch.
The market will form instantly
According to Vitman, as soon as the first players begin offering crypto settlement services, competition will become a "red ocean"—an environment where all participants are fully armed and ready to fight for every client. Alfa-Bank, judging by its stance, sees this not as a threat, but as an opportunity. "We love competition; it's a driver. When the market changes, you can gain a share from that change," the expert noted. The first advantage will go to those who enter earlier than others, and the battle will be extremely fierce.
The technology is ready, but demand needs to be created
However, technical readiness is only half the battle. According to Vitman, the main challenge lies not in software development, but in building the market itself from scratch. The situation is reminiscent of the launch of digital financial assets (DFAs), where the infrastructure was created, but clients needed time to understand and accept the new instrument.
The first clients of banks in this segment are likely to be companies already familiar with cryptocurrency: miners, as well as importers working with jurisdictions where the level of digital asset adoption is significantly higher. For an ordinary corporate client, a lengthy immersion will be required—including explaining pricing principles and comparing new instruments with familiar ones. "A large number of clients need to be educated, approached, and informed, with fairly low returns in the initial stages," the interlocutor emphasized.
Analyst's opinion: The readiness of the infrastructure is a powerful signal of market maturity, but not a guarantee of instant success. The key factor will be the speed at which banks can not only offer the service but also build trust in it. The technical "red ocean" could quickly turn into an oligopoly for those who first establish an effective channel for attracting and educating clients. In the coming months, we will witness how classical financial institutions reshape their business models to fit the realities of the crypto economy.