The first “crypto-investment” bank in Russian jurisdiction is preparing to launch

The first crypto investment bank will appear in Russia. It will be launched by Qiwi Blockchain Technologies (QBT), a subsidiary of the country's largest payment service provider Qiwi, registered in Russian jurisdiction. The bank will operate under the HASH brand, writes the Kommersant newspaper.

HASH is not a subsidiary of the Qiwi group, but is being created by its employees, project manager and QBT financial director Yakov Barinsky, who previously worked at Credit Suisse, Renaissance Capital, and others, told the publication.

According to him, the general director and main shareholder of the Qiwi group, Sergei Solonin, showed interest in the project.

Solonin himself confirmed that he was considering participating in the project as a strategic investor, but for now he would like to watch the project in development and make a final decision after some time. In essence, the project is a classic investment banking service transferred to the virtual assets market.

QBT acts as a technology contractor, and HASH takes on the process of building a financial model of the project: how the token will work, what it is needed for, and how it will be used.

Barinsky also said that the company is now cooperating with ten such funds, the volume of the largest of which is about $100 million. In addition, HASH is about to launch its own analytics division. The organization of trading, which will require obtaining a license, according to Barinsky, is still postponed until next year.

Leaders of traditional investment banking were cautiously optimistic about the business idea of ​​the people from Qiwi, the publication notes.