The TCS Group, owner of the large Russian private bank Tinkoff, relies on digital assets.
The company has invested in Swiss digital asset service provider Aximetria, which will become the company’s first large-scale crypto-related team.The local news agency The Bell reported on Wednesday.
Citing data from Aximetria, the report suggests that TCS purchased 4,449 shares of Aximetria valued at 100 Swiss francs ($ 108) per share. In view of the total capital of Aximetria of around 535,000 francs (578,000 USD), the publication states that TCS has a stake of around 83.2%.
A Tinkoff spokesperson confirmed the news to Cointelegraph, stating that Aximetria “will be part of the international expansion of the Tinkoff group in accordance with all international court requirements”.
The representative emphasized that Aximetria was “not a cryptocurrency exchange”, but a “financial service in the digital asset industry”.
At the time of writing, the Aximetria home page has details about the company as part of TCS. Aximetria enables users to open a “Swiss crypto account” with free deposits and withdrawals in euros or US dollars. The platform says it appeals to customers all over the world.
Amid the growing demand for cryptocurrency investments, Tinkoff struggled to offer cryptocurrency investment services in Russia as the Bank of Russia prevented the company from launching its own suite of related services. This resulted in Russia not having a single legal company based in the country offering investments in cryptocurrencies.
The central bank is known for its hostility to the crypto industry and Bitcoin (BTC). However, he reportedly wants to enable people to invest in cryptocurrencies through foreign platforms.
Despite the current tough stance from local regulators, Russia’s largest bank, Sber launched an exchange-traded cryptocurrency fund in December that tracks major crypto investment firms and exchanges like Coinbase and Galaxy Digital. Formerly known as Sberbank, the state-backed company planned to launch a cryptocurrency exchange business under its subsidiary Sberbank Switzerland in 2018.