Reading Time
~ 2 minutes
Spread the Word
Qiwi
Advertisement

Qiwi Blockchain Technologies (QBT), a subsidiary of Russia’s biggest e-payment service provider Qiwi, has recently launched a crypto investment bank called “HASH,” as reported by Kommersant.  

The main purpose of the bank is to help domestic companies and enterprises tokenize their assets. Yakov Barinsky, Chief Financial Officer of QBT, declared that HASH would “assist companies go through the fundraising stage.”

According to the article, HASH which is “the first crypto investment back in Russia,” has already partnered with various international financial tech enterprises such as RootStock, Hosho, Target Global, InVenture, Itech, and Bitfury Capital.

Koltsov further added: “We are going to make an international crypto bank providing trading services, research, and ICO advisers … When the proper regulation is in place, we are going to help companies from traditional sectors of the economy, like natural resources and heavy industry, to raise money through ICOs.”

Considering the massive number of scams currently on the market, HASH will also offer financial guidance to institutions regarding the overall quality of crypto projects that are targeted as potentially fruitful investments. The CFO of QBT has also stated that HASH is already working with a private oil and gas company on an ICO that’s supposed to raise $20 million. He refused to name the firm though.

Barinsky also hinted at the beneficial effects ICOs might provide for all the major Russian banks that are under sanctions, stating that most of them are undergoing various difficulties when it comes to borrowing money from financial institutions from the West.

Russia soon to pass crypto regulations bill

He then went on to say that HASH will start providing crypto trading services starting next year after the company gains the necessary legal notices. Russia is set to pass the major crypto and blockchain-related regulatory bill on somewhere between July 1st and the fall of 2018. For the time being, the bank will only deal with projects registered in other jurisdictions.

Koltsov extended an official invitation for all Russian investors to participate in various ICOs with the company’s help.

Qiwi has already established its position as one of the largest online payment services in Russia. Created in 2007, the company is highly popular in Russia, in some East-European countries such as Ukraine, Moldova, and Romania, as well as the United Arab Emirates and the United States of America.

Advertisement
Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.