Sber, a Russian government-backed company and the country’s largest bank, is launching a blockchain exchange traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.

Sber Asset Management officially Announce News on Thursday stated that the new ETF is related to various blockchain and crypto industry companies, including hardware and software providers for mining and issuing crypto assets.

The fund is called “Sber-Blockchain Economy”, its stock code is SBBE, and will track the index of the same name developed by Sber’s investment subsidiary SberCIB.

SBBE’s portfolio will include some of the world’s largest crypto companies, including the largest US exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital, and blockchain software provider Digindex.

According to the announcement, Sber’s blockchain ETF will become “the first ETF in Russia that allows investors to make money in the blockchain market without encountering difficulties related to the direct development, purchase, holding, and sale of digital currencies.”

This story is under development and will be updated.