Banking Market

Qiwi is launching a crypto investment bank in Russia

June 30, 2018


Qiwi is launching a crypto investment bank in Russia

Qiwi, which is one of the biggest e-payment providers in Russia, has announced about launching a crypto investment bank.

The bank called HASH, will advise investors and help Russian companies tokenize their assets. It will be based on Qiwi’s fintech subsidiary Qiwi Blockchain Technology, created in March.

HASH will manage clients’ ICOs, help them build their blockchain networks and raise funds.

Financial director of Qiwi Blockchain Teсhnologies Yakob Barinski told in an interview with Kommersant that the project is already cooperating with dozens of global crypto investment funds, the largest of which manages around $100 million USD.

“We are helping companies to pass the phase of fundraising. We receive our commission fee after the company raises funds in the market with our support,” he noted.

According to Barinski, HASH will be responsible for developing the projects’ financial structure, while Qiwi Blockchain Teсhnologies will act as technological subcontractor.

QBT will also support companies to raise capital through Initial Coin Offering (ICO) model. But the company notes that it will provide its ICO-as-a-package service based on Russian regulations, which are currently in development.

Qiwi Group CEO and biggest stakeholder Sergey Solonin will act as a strategic investor in the HASH project.

Let us remind, that QIWI is a leading provider of e-payments and financial services in Russia and the CIS. It has deployed over 20.3 million virtual wallets, over 149,000 kiosks and terminals, and enabled merchants and customers to accept and transfer over RUB 79 billion ($1bln 250 mln USD) cash and electronic payments monthly connecting over 47 million consumers using its network at least once a month.