Russia's largest banks have fully prepared their infrastructure for conducting cross-border settlements in cryptocurrency. The market, which is just beginning to take shape, already promises to be an arena of extremely fierce competition.
The technical foundation for working with digital assets is ready for all key players. However, this does not guarantee an easy start. A public entry into the market will instantly turn it into a battlefield for clients, and the main advantage will go to whoever does it first.
One of the top managers at Alfa-Bank characterized the upcoming situation as a "red ocean"—a market where all competitors are already prepared and vying for the same audience. At the same time, the bank sees such competition not as a threat, but as a driver of development and an opportunity to capture market share amid the changes.
The market is being built from scratch
Infrastructure readiness is only half the battle. According to the expert, the main challenge lies not in technology, but in the need to create demand almost from scratch. The situation is reminiscent of the launch of the digital financial assets (DFA) market, where basic principles first had to be explained.
The banks' first clients will be companies already familiar with cryptocurrency: miners and importers working with jurisdictions where the level of digital currency adoption is higher. However, for the mass corporate client, a lengthy onboarding process is required—down to explaining pricing mechanisms and comparing new instruments with familiar ones.
"A large number of clients need to be educated, visited, and informed, with fairly low returns in the initial stages," notes a bank representative.
Expert opinion: The Russian banking sector is demonstrating a pragmatic approach to cryptocurrencies, focusing on cross-border transfers—the most in-demand scenario in the current geopolitical conditions. However, a "red ocean" means margins will be low and the fight for clients will be ruthless. The key success factor will be not only the speed of market entry, but also the quality of client service and educational programs.