Russian bank Tinkoff enters the crypto space with the acquisition of a Swiss company

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Russian neobank Tinkoff joins the cryptocurrency world with the purchase of a stake in Aximetria, a Swiss-registered and licensed company that provides digital financial asset services and solutions to its clients around the world.

Tinkoff Bank takes a stake in Aximetria

TCS Group Holding, owner of Russian bank Tinkoff, has reportedly acquired a majority stake in crypto firm Aximetria. Official figures have yet to be announced, but according to The Bell, which broke the news citing financial market sources, the TCS Group could now control up to 83.2% of the Swiss-based entity. by Russians.

Cited documents from Aximetria reveal that on November 9, TCS Group purchased 4,449 shares at 100 Swiss francs ($110) each, and the total share capital of the company was 534,700 francs. Its representatives told the news portal that details of the transaction will be published in accordance with disclosure standards set out in the group’s annual reports.

“Aximetria will grow as part of the international expansion of the Tinkoff Group in compliance with all requirements of jurisdictions with an international presence,” the company added. Its website confirms the acquisition, noting that the startup is already part of TCS Group Holding PLC. He also points out that Aximetria was among the first companies to receive authorization from the Swiss Financial Market Supervisory Authority (Finma) to process crypto transactions.

In an interview with CNBC last year, Tinkoff Group CEO Oliver Hughes said that while investors who want to invest money in cryptocurrency are skilled and know what to do, Tinkoff Bank doesn’t is unable to provide such services to them due to the position of Russian finance. regulator in this regard. “Currently we don’t have a mechanism to offer them this product in Russia, because the Central Bank is taking a very tough stance,” Hughes commented.

Deal deemed positive for the crypto industry

Commenting on the acquisition, Nikita Zuborev, a senior analyst at crypto exchange aggregator Bestchange.ru, told Russian economic news portal RBC that any inflow of capital from the traditional financial market into the crypto space can be seen as a long-term positive factor and a certain guarantee of stability and acceptance. He pointed out that the deal would open another bridge between the traditional financial system and the crypto industry.

Maria Stankevich, director of development at Exmo, one of the leading cryptocurrency exchanges in Eastern Europe, remarked that the purchase of a crypto startup by parent company Tinkoff Bank is “interesting and audacious” for the Russian market. She expects the investment to force other Russian banks, such as Alfa-Bank, to think about similar opportunities.

Even after the adoption of the law “On Digital Financial Assets”, which entered into force a year ago, cryptocurrencies and related activities are still not fully regulated in the Russian Federation. The Central Bank of Russia remains opposed to their legalization and wants to restrict crypto investments for Russian citizens.

Recently, Russia’s largest banking institution, Sberbank, also ventured into the crypto space by offering the country’s first blockchain ETF. The instrument was introduced to the market despite a statement by Bank of Russia Governor Elvira Nabiullina in October insisting that the monetary authority was not ready to allow trading in bitcoin ETFs.

Tags in this story Acquisition, Aximetria, Bank, Crypto, crypto company, Crypto Startup, Cryptocurrencies, Cryptocurrency, Deal, ETF, Neobank, Russia, Russian, Sberbank, shares, stake, TCS Group Holding, Tinkoff, Tinkoff bank

Do you expect more Russian banks to take stakes in crypto companies? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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