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Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition – Finance Bitcoin News

Russian non-bank Tinkoff joins the cryptocurrency world by buying a stake in Swiss company Aximetria, which is registered and licensed and provides clients and services for digital financial assets worldwide.

Tinkoff Bank buys a stake in Aximetria

TCS Group Holding, the owner of the Russian Tinkoff Bank, allegedly acquired a controlling stake in the crypto company Aximetria. Official figures have not yet been announced, but according to The Bell, which reported on financial market sources, the TCS group can now control up to 83.2% of the Swiss-based entity founded by the Russians.

The cited documents from Aximetria show that November. 9, TCS Group bought 4,449 shares for 100 Swiss francs ($ 110) per share and the company’s total share capital was 534,700 francs. Its representatives told the news portal that the details of the transaction would be disclosed in accordance with established disclosure standards in the group’s annual reports.

Russia's Tinkoff Bank enters the crypto space through the acquisition of a Swiss company

“Aximetria will develop as part of the Tinkoff Group’s international expansion in line with all the requirements of the international presence jurisdictions,” the company added. Its website confirms the acquisition, stating that the startup is already part of TCS Group Holding PLC. It 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 although investors who want to put money in cryptocurrencies are qualified and know what to do, Tinkoff Bank is unable to provide such services due to the attitude of the Russian financial regulator. things. “At present, we do not have a mechanism to offer them this product in Russia because the central bank is in a very tough position,” Hughes commented.

The agreement is considered positive for the crypto sector

Commenting on the acquisition, Nikita Zuborev, chief analyst at crypto aggregator Bestchange.ru, told Russia’s business news portal RBC that any inflow of capital from the traditional financial market into cryptospace could be considered a positive long-term factor and a guarantee of stability and acceptance. He stressed that the agreement will open another gateway between the traditional financial system and the crypto-industry.

Maria Stankevich, director of development at Exmo, the leading cryptocurrency exchange in Eastern Europe, noted that the purchase of the crypto startup by the parent company Tinkoff Bank is “interesting and bold” for the Russian market. He expects the investment to get other Russian banks, such as Alfa-Bank, to consider similar opportunities.

Even after the adoption of the law “On Digital Financial Assets”, which came into force a year ago, cryptocurrencies and related activities in the Russian Federation still need to be comprehensively regulated. Russia’s central bank remains opposed to legalizing them and wants to limit investment in cryptocurrencies for Russian citizens.

Russia’s largest and state-owned banking institution, Sberbank, has also ventured into cryptospace and offered the country’s first blockchain ETF. The instrument was launched despite a statement by Russian bank governor Elvira Nabiullina in October, who insisted 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, Cryptocurrency, Cryptocurrency, Deal, ETF, Neobank, Russia, Russian, Sberbank, shares, share, TCS Group Holding, Tinkoff, Tinkoff Bank

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

Lubomír Tasev

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

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