Russia’s Tinkoff Bank Enters Crypto with Acquisition of Swiss Firm


Russian neobank Tinkoff is joining the cryptocurrency world by purchasing a stake in Aximetria, a Swiss-registered and licensed company that provides services and solutions for digital financial assets to clients around the world.

Tinkoff Bank buys stake in Aximetria

TCS Group Holding, the owner of Russia’s Tinkoff Bank, has reportedly acquired a controlling stake in crypto firm Aximetria. Official figures have not been released, but according to The Bell, citing financial market sources, TCS Group may now control as much as 83.2 percent of the Swiss-registered entity, which was founded by Russians.

On November 9, TCS Group purchased 4,449 shares at 100 Swiss francs ($110) per share, bringing the company’s total share capital to 534,700 Swiss francs, documents cited by Aximetria show. Its representative told the news portal that details of the deal will be published in accordance with the disclosure standards established in the group’s annual report.

Russia's Tinkoff Bank Enters Crypto with Acquisition of Swiss Firm

“Aximetria will be developed as part of the international expansion of the Tinkoff Group to comply with all requirements of international business jurisdictions,” the company added. Its website confirms the acquisition, noting that the startup is already part of TCS Group Holding PLC . It also noted that Aximetria was one of the first companies to be licensed by the Swiss Financial Market Supervisory Authority (Finma) to process encrypted transactions.

In an interview with CNBC last year, Tinkoff Group CEO Oliver Hughes said that while investors who want to put money into cryptocurrencies are qualified and know what to do, Tinkoff Bank cannot provide them with this due to the stance of Russian financial institutions. class service. regulators on the matter. “At the moment, we don’t have a mechanism to offer them this product in Russia because the central bank has taken a very tough stance,” Hughes commented.

Trading seen as good for the crypto industry

Commenting on the acquisition, Nikita Zuborev, a senior analyst at cryptocurrency exchange aggregator Bestchange.ru, told Russian business news portal RBC that any inflow of funds from traditional financial markets into the cryptocurrency space can be seen as a positive long-term factor , and there is a certain guarantee of stability and acceptance. He emphasized that the deal will open another gateway between the traditional financial system and the crypto industry.

The acquisition of a cryptocurrency startup by the parent company of Tinkoff Bank is “interesting and bold” for the Russian market, said Maria Stankevich, development director at Exmo, a leading cryptocurrency exchange in Eastern Europe. She expects the investment will force other Russian banks, such as Alfa Bank, to consider similar opportunities.

Cryptocurrencies and related activities are still not fully regulated in the Russian Federation even after the passage of the “Digital Financial Assets” law that came into effect a year ago.The Central Bank of Russia still exists be opposed to their legalization and hope strict Crypto investments for Russian citizens.

Recently, Sberbank, Russia’s largest state-owned banking institution, also offered the country’s first Blockchain ETFs. The instrument was introduced to the market, although statement Russian Central Bank Governor Elvira Nabiullina insisted in October that monetary authorities are not prepared to allow Bitcoin ETFs to trade.

tags in this story

get, Axonometric, Bank, cryptocurrency, crypto company, encrypted boot, cryptocurrency, cryptocurrency, trade, ETFs, new bank, Russia, Russian, savings bank, share, bet, TCS Group Holdings, Tinkov, Tinkov Bank

Do you expect more Russian banks to acquire stakes in crypto companies? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.




Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.





Source link

Recommended For You

About the Author: