Using Russia's regulatory "sandbox" the Bank of Russia has conducted its first pilot for issuing ICOs through a bank operated platform. The tokens, which were issued as a joint effort between Sberbank and the national settlement depository (NSD), were registered, transacted, and settled on the same NSD used by Russian stock exchanges. Sberbank served as participated as the chief investor in the offering which was for Level One, a Moscow-based commercial lecture website.