Owner of Russian bank Tinkoff acquires Swiss digital asset firm

TCS
Group,
the
owner
of
the
major
private
Russian
bank
Tinkoff,
is
gaining
exposure
to
digital
assets.

The
firm
has
invested
in
Swiss
digital
asset
service
provider
Aximetria,
which
is
set
to
become
the
company’s
first
major
crypto-related
outfit,
local
news
agency
The
Bell

reported

Wednesday.


Citing

data
from
Aximetria,
the
report
suggests
that
TCS
purchased
4,449
Aximetria
shares
worth
100
Swiss
francs
($108)
per
share.
Given
that
Aximetria’s
total
share
capital
was
about
535,000
francs
($578,000),
the
publication
reported
TCS’
stake
to
be
around
83.2%.

A
spokesperson
for
Tinkoff
confirmed
the
news
to
Cointelegraph,
stating
that
Aximetria
will
be
“part
of
the
international
expansion
of
Tinkoff
Group
in
compliance
with
all
the
requirements
of
the
jurisdictions
of
international
presence.”

The
representative
emphasized
that
Aximetria
is
“not
a
crypto
exchange”
but
rather
a
“financial
service
in
the
digital
asset
industry.”

At
the
time
of
writing,
Aximetria’s
main
page
includes
details
on
the
firm
being
part
of
TCS.
Aximetria
lets
users
open
a
“Swiss
crypto
account”
with
free
deposits
and
withdrawals
in
euros
or
U.S.
dollars.
The
platform
says
it
targets
clients
worldwide.


Source:
Aximetria

Amid

skyrocketing
demand
for
crypto
investments
,
Tinkoff
has
been
struggling
to
offer
crypto
investment
services
in
Russia
as
the

Bank
of
Russia
reportedly
stopped
 the
company
from
launching
its
own
suite
of
related
services.
This
led
to
a
situation
where

Russia
has
no
single
legal
company

that
is
based
in
the
country
and
offers
crypto
investment.

The
central
bank
is

known
for
its
hostility
to
the
crypto
industry

and
Bitcoin
(BTC). However,
it
reportedly
wants
to
allow
people
to
invest
in

crypto
investment
using
foreign
platforms
.



Related:




Russia’s
largest
bank
struggles
to
register
its
digital
asset
platform

Despite
the
ongoing
harsh
stance
of
local
regulators,
Russia’s
largest
bank,
Sber,

launched
a
crypto
exchange-traded
fund

in
December,
tracking
major
crypto
investment
firms
and
exchanges
like
Coinbase
and
Galaxy
Digital.
Formerly
known
as
Sberbank,
the
state-backed
firm
was
previously
planning
to
launch
a

crypto
exchange
business
under
its
Sberbank
Switzerland
subsidiary
 back
in
2018.

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