The cryptocurrency infrastructure Sberbank is building looks almost nothing like the open, permissionless networks most of the market trades on. Russia’s largest bank plans to launch a digital custody system and crypto trading platform by December 1 that will keep the vast majority of transactions off-chain, with the bank itself controlling the deposit, withdrawal and transfer wallets, according to the original report. It is a deliberate move to recreate the rails of traditional finance inside a regulated crypto envelope, a contrast to the decentralized custody models that underpin global spot markets.