On July 17, 2025, Russia’s largest state-owned lender, Sberbank, announced plans to offer custodial services for digital assets.
This marks a significant development in the institutional adoption of crypto in Russia, particularly as the country seeks to expand its domestic digital asset infrastructure.
But while this may sound like a leap forward, the move raises an essential question for crypto users worldwide: Is storing your crypto with a bank really progress — or a step backward?
Sberbank’s Entry Into Crypto Custody
Sberbank currently allows clients to store Russian-issued digital assets – including tokenized securities and other blockchain-based instruments – within its custody framework.
These assets are built on Sberbank’s own blockchain platform, and the bank has plans to expand support to a wider range of digital financial tools.
According to Sberbank executives, this initiative will help standardize crypto ownership under regulated structures, provide safe storage, and increase institutional trust in digital asset markets.
In practice, it resembles traditional custodial banking: the bank takes possession of your assets and is responsible for safekeeping and access control.
Custody Without Control
This model has a clear tradeoff: you do not control the private keys. In crypto terms, that’s the difference between ownership and permissioned access.
When you hand over your keys to a custodian – whether it’s a bank, exchange, or third-party wallet provider you’re placing full trust in them to:
- Maintain secure infrastructure
- Abide by transparent policies
- Avoid political or regulatory pressure
In the case of Sberbank, this introduces state-level exposure. Given the close ties between Russian banks and the government, users may be vulnerable to:
- Asset freezes or account restrictions
- Arbitrary changes to access rules
In short, storing crypto with Sberbank may reduce your sovereignty and security in ways that contradict the original ethos of digital assets.
Why This Strengthens the Case for Self-Custody
The launch of Sberbank’s crypto custody services is a reminder of why self-custody remains the cornerstone of digital asset ownership.
With a self-custody wallet you retain full control of your private keys. That means:
- No exposure to account freezes or custodial risk
- Full access to on-chain services like DeFi, staking, and non-custodial swaps
- The ability to secure your assets with open-source, audited tools
Self-custody isn’t just a technical decision – it’s a philosophical stance. It’s the difference between holding your assets outright or trusting a centralized intermediary to let you access them.
A Clear Choice in a Growing Market
Sberbank’s move into crypto may be the first of many. Other state banks, large financial institutions, and regulated exchanges are likely to follow. They will offer attractive user interfaces, regulatory backing, and the convenience of traditional financial products.
But convenience often comes at the cost of control. And for those who believe in the principles of decentralization, that cost is simply too high.
Control Is the Real Asset
Sberbank’s planned move into digital asset custody reflects a growing institutional appetite for crypto. But it also signals a future where convenience and regulation may come at the cost of freedom and control.
As more banks enter the crypto space, the key question for users isn’t “Where can I store my assets?” it’s “Who gets to decide when and how I can use them?”
In a decentralized financial system, that decision should always rest with the user.
Best Bitcoin Wallet to Invest With
As users, particularly retail investors, re-evaluate their custody options amid increasing bank entry into the crypto space, the tide is steadily turning in favor of self-custody solutions.
This comes as no surprise, considering that they give users full control over their private keys and assets, in stark contrast to the custodial model rolled out by Sberbank. As more users embrace self-custody, top players in the niche like Best Wallet are gaining traction by the day.
Already endorsed by leading publications including the New York Post, Best Wallet has grown increasingly popular among users who prioritize their privacy and autonomy above all else.
As a decentralized, no KYC wallet, it empowers users to manage and grow their assets without third-party interference or the need to undergo rigorous identity verification. Its no-KYC posture makes it immune to centralized-like data breaches, while its decentralized design ensures users remain in full control of their private keys and funds.
Adding an extra layer of security to the wallet is Fireblocks, a cutting-edge tool primarily designed to insure user assets and eliminate any single point of failure that cyber criminals can exploit.
Other than security and its associated features, Best Wallet also excels when it comes to crypto trading. It provides an intuitive facility where users can securely buy, swap, and trade their assets for fiat or other forms of crypto.
All the features built within the wallet, including cross-chain swaps, staking, iGaming, portfolio management, and most importantly, the token launchpad, are tailored to meet the modern needs of investors, making it a go-to hub for all things crypto.
99Bitcoins, a prominent crypto YouTube page with over 720k subscribers, has already backed Best Wallet, describing it as the best crypto wallet to use with no KYC.
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