Tinkoff Bank, a Russian bank, has acquired a cryptocurrency corporation in Switzerland.

Tinkoff, a Russian neobank, had entered the digital cryptocurrency realm by purchasing a share in Aximetria, a Swiss-registered and licensed firm that provides services and solutions for digital financial assets to clients around the world.

Tinkoff Bank purchases an Aximetria shareholding.
TCS Family Holdings, which owns the Russian Tinkoff Bank, is rumored to have purchased a majority interest inside the cryptocurrency firm Aximetria. Actual statistics are still to be released, but TCS Group could already own upwards to 83.2 percent of both the Swiss-incorporated business formed by Russians, according to The Bell, which broke the news by citing financial market sources.

According to records obtained from Aximetria, TCS Group purchased 4,449 shares at a price of 100 Swiss francs ($110) each on November 9, bringing the company’s entire share capital to 534,700 francs. Its representatives told the news portal that the transaction’s details will be disclosed in the company’s annual reports in conformity with established disclosure requirements.

“Aximetria will develop as part of the Tinkoff Group’s international expansion in accordance without the regulations of worldwide participation locations,” the business noted. The transaction is confirmed on the company’s website, which also mentions that the startup is already a part of TCS Group Holding PLC.

Although investors who want to put money into bitcoin were educated and understand what they’re on about, Tinkoff Bank is unable to provide such services due to the Russian financial regulator’s stance on the topic, according to Tinkoff Group CEO Oliver Hughes in an interview with CNBC last year. “At the moment, we don’t have a mechanism to give them this product in Russia because the Central Bank is taking such a hard line,” Hughes explained.

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Purchase Is Considered Beneficial to the Cryptocurrency Industry
According to Nikita Zuborev, senior analyst at crypto exchange aggregator Bestchange.ru, any infusion of funds from the conventional economic sector into the cryptocurrency world can be viewed as a good lengthy component as well as a guaranteed assurance for safety and acceptability. He stressed that now the agreement will create a new link between the traditional financial system and the cryptocurrency business. The acquisition of a cryptocurrency startup by Tinkoff Bank’s parent firm is “interesting and brave,” according to Maria Stankevich, director of development at Exmo, a large cryptocurrency exchange in Eastern Europe.

She believes that this acquisition would encourage additional Russian institutions, such as Alfa-Bank, to consider possible changes.

For a while after the approval of the law “On Digital Financial Assets,” which went into effect per year ago, the Russian Federation has yet to fully regulate cryptocurrencies and related activities. The Russian Central Bank continues to oppose their legality and wants to limit crypto investments for Russians.

Although investors who want to put money into bitcoin were educated or understand know they’re doing, Tinkoff Bank has to supply those products due to the Russian financial regulator’s stance on the topic, according to Tinkoff Group CEO Oliver Hughes in an interview with CNBC last year. “At the moment, we don’t have a mechanism to give them this product in Russia because the Central Bank is taking such a hard line,” Hughes explained.

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