Russian banks are increasingly making their way into the digital asset market despite the Central Bank of Russia’s hostility towards cryptocurrencies.
News
TCS Team, owner of large private Russian bank Tinkoff, is getting into digital assets.
The company has invested in Swiss digital asset services provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news outlet The Bell reported today. Wednesday.
Citing data from Aximetria, the report shows that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Since Aximetria’s total share capital is around 535,000 francs ($578,000), the publication says TCS’s stake is around 83.2%.
A spokesperson for Tinkoff confirmed the news to Cointelegraph, saying that Aximetria will be “part of the Tinkoff Group’s international expansion, complying with all jurisdictional requirements for presence.” international representation.”
The representative emphasized that Aximetria is “not a cryptocurrency exchange” but a “financial service in the digital asset industry.”
At the time of writing, the Aximetria main page includes detailed information about the company that is part of TCS. Aximetria allows users to open “Swiss crypto accounts” with free deposits and withdrawals in euros or US dollars. The platform says it targets customers worldwide.
Amid soaring demand for crypto investments, Tinkoff has been struggling to provide crypto investment services in Russia as the Central Bank of Russia reportedly blocked the company from launching a suite of related services. own. This leads to a situation in which Russia has no legal companies based in the country and offers crypto investment.
The central bank is known for its hostility towards the cryptocurrency and Bitcoin (BTC) industry. However, it is said to want to allow people to invest in cryptocurrencies using offshore platforms.
Related: Russia’s largest bank struggles to sign-up its digital asset platform
Despite the continued harsh stance of local regulators, Russia’s largest bank, Sber, launched a crypto exchange-traded fund in December that tracks companies and exchanges major cryptocurrencies like Coinbase and Galaxy Electronic. Formerly known as Sberbank, the state-backed company previously planned to launch a cryptocurrency exchange business under its Swiss subsidiary Sberbank in 2018.