Russia's Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition
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- 14 Jan 2022
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Tinkoff Bank Buys Stake in Aximetria
TCS Group Holding, the owner of the Russian Tinkoff Bank, has reportedly acquired a controlling stake in the crypto company Aximetria. Official numbers are yet to be announced but according to The Bell, which broke the news quoting financial market sources, TCS Group may now control up to 83.2% of the Swiss-incorporated entity which was founded by Russians.
Quoted documents from Aximetria reveal that on Nov. 9, TCS Group bought 4,449 shares at 100 Swiss francs ($110) each, and the total share capital of the company amounted to 534,700 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.
“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 confirms the acquisition, noting that the startup is already part of TCS Group Holding PLC. It also points out that Aximetria was among the first companies to receive permission from the Swiss Financial Market Supervisory Authority (Finma) to process crypto transactions.
In an interview with CNBC last year, Tinkoff Group CEO Oliver Hughes stated that although investors who want to put money into cryptocurrency are qualified and know what to do, Tinkoff Bank is unable to provide them with such services because of the stance of the Russian financial regulator on the matter. “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. Read More…
