Russian Payments Service Provider Creates Country’s First Crypto Investment Bank

Jul 02, 2018 at 22:15

Russian payment services provider, Qiwi has created the first crypto investment bank in the country that will be known as HASH which will provide assessment, search and market entry projects to appeal to large investors.

However, Qiwi clarified that HASH will not operate as a subsidiary. Qiwi Blockchain Technologies (QBT) will serve as HASH’s technology contractor as it establishes its token’s purpose and processes.

Following an initial coin offering which is under preparation, HASH said that it already attracted the interest of international funds that focus on investing in digital assets, including Bitfury Capital, Itech, InVenture, Target Global, Hosho, Wings, and RootStock.

At present, ICOs with Russian participation accounted for 60 percent to 80 percent of placements. Since the start of the year, 530 ICOs have been undertaken, drawing $11.9 billion, the largest being Telegram’s $1.7 billion ICO.

However, since Russia has yet to pass regulations for blockchain and cryptocurrencies, HASH will initially work with projects registered in other jurisdictions, but Russian investors are free to participate in various ICOs with the company’s help.

The team behind Russia’s first crypto bank expects that the parliament will pass bills regulating cryptocurrencies and blockchain this fall.