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Tinkoff acquires Swiss digital asset firm

 


Russian banks are increasingly engaging with and entering the digital asset market, despite the very hostile attitude towards crypto from the Central Bank of Russia.


The TCS Group is the owner of the large Russian private bank Tinkoff and is now involved in digital assets.


The company has invested in Swiss digital asset service provider Aximetria. This is set to become the group's first major crypto company, local news outlet The Bell reported on Wednesday .


The report cites data from Aximetria that shows TCS has acquired 4,449 Aximetria shares at a price of 100 Swiss francs per share. Since the total share capital of Aximetria is around CHF 535,000, TCS' stake is around 83.2 percent.


A spokesperson for Tinkoff confirmed the news to Cointelegraph, noting that Aximetria is "part of Tinkoff Group's international expansion. It will follow any requirements that each region may have."


The representative emphasized that Aximetria is "not a crypto exchange" but a "financial service in the digital assets industry."


At the time of writing, Aximetria's website states that the company is owned by TCS. Aximetria users can open a "Swiss Crypto Account" with free deposits and withdrawals in Euros or US Dollars. According to its own statements, the platform is aimed at customers all over the world.



As the demand for crypto investments skyrockets , Tinkoff has faced difficulties in offering crypto investments in Russia as the Central Bank of Russia prevented the company from releasing such services of its own. That is why in Russia there is not a single company that is based in the country and officially offers crypto investments.


The central bank is known for its hostility towards the crypto industry and Bitcoin ( BTC ). However, it wants to allow people to invest in crypto assets through foreign platforms .


Despite negative stance from local regulators, major Russian bank Sber launched a crypto exchange-traded fund in December that tracks major crypto investment firms and exchanges such as Coinbase and Galaxy Digital. The company formerly known as Sberbank was planning to launch a crypto exchange arm under its subsidiary Sberbank Switzerland back in 2018.

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