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

Russian Neobank Tinkoff has joined the cryptocurrency world by purchasing a stake at Aximetria. This Swiss-registered, licensed company provides services to clients all over the globe for digital assets and other financial solutions.

Tinkoff Bank buys stake in Aximetria

TCS Group Holding is the Russian Tinkoff Bank’s owner. According to reports, it has acquired an ownership stake in crypto-company Aximetria. Although no official numbers have been announced, The Bell reported that TCS Group could now own up to 83.2% in the Swiss-incorporated entity, which was created by Russians.

Aximetria documents show that TCS Group purchased 4,449 shares for 100 Swiss Francs ($110 each) on November 9. The company’s total share capital was 534,700 Swiss Francs. Its representatives told the news portal that the details of the transaction will be published in accordance with the established disclosure standards in the group’s annual reports.

Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition

“Aximetria will develop as part of the international expansion of the Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence,” the company added. Its website confirmed the acquisition and noted that the startup was already part of TCS Group Holding PLC. Aximetria was also noted in this website, as it is one of the first companies to be granted permission by the Swiss Financial Market Supervisory Authority (“Finma”) to accept crypto transactions.

Oliver Hughes of Tinkoff Group stated in an interview last year with CNBC that even though investors looking to make money with cryptocurrency have the right qualifications and knowledge, Tinkoff Bank can’t provide these services to them due to Russia’s position on the issue. “Currently, we don’t have a mechanism to offer them this product in Russia, because the Central Bank is taking a very tough position,” Hughes commented.

Crypto Sector Deal deemed positive

Nikita Zuborev (senior analyst, crypto exchange aggregator, commented on the deal. She said that capital flowing from traditional financial markets into cryptospace can be considered a long-term positive factor, as well as an assurance of stability and acceptance. The agreement will provide another link between traditional financial systems and crypto industries, Zuborev stated.

Maria Stankevich, director of development at Exmo, a leading cryptocurrency exchange in Eastern Europe, remarked that the purchase of a crypto startup by Tinkoff Bank’s parent company is “interesting and bold” for the Russian market. This investment will likely encourage other Russian banks to consider similar opportunities, such as Alfa-Bank.

Even after the adoption of the law “On Digital Financial Assets,” which went into force a year ago, cryptocurrencies and related activities are yet to be comprehensively regulated in the Russian Federation. However, the Central Bank of Russia is opposed to legalization of cryptocurrencies and would like to limit crypto investment for Russian citizens.

Recently, Russia’s largest and state-owned 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’s Governor Elvira Nabiullina in October insisting that the monetary authority was not prepared to allow the trading of bitcoin ETFs.

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Aximetria Bank, Bank, Crypto Startups, Cryptocurrencies Cryptocurrencies Deal, ETF Neobank Russia, Sberbank shares, stake Tinkoff Bank

What do you think about Russian banks buying stakes in crypto-related companies? Let us know your thoughts in the comment section.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s 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.

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