Russia’s QBT to open Crypto-Investment Bank
Russia’s largest electronic payments system announced the launch of the nation’s first-ever Cryptocurrency Investment Bank. Qiwi Blockchain Technologies (QBT) is a daughter company of Qiwi which is Russia’s largest electronic payments system and will launch the project.
The new company will operate under the brand name HASH. It will be registered in Russia as per the report by Kommersant, leading business broadsheet of Russia. The representatives of QBT have officially launched an investment banking business in the virtual asset markets.
The project will be based on the classical model of Investment Bank but it will operate on global crypto markets. It involves the assessment, search, market entry of quality projects and attracting large investors. As per the experts, the risk of investors is too high now. But in the case of classical investment banks, interest in the new market will increase in proportion to its volume and the development of the legislative base.
The project manager is the Financial Director of QBT named Yakov Barinsky who previously worked in Credit Suisse and Renaissance Capital. Mr. Barinsky said,
“Hash will not be a subsidiary of Qiwi Group as it is created by its employees. We help companies go through the stage of fundraising. Monetization is classic: we get our commission after the company with our help raised funds in the market.”
HASH carries the process of building a financial model of the project which will elaborate on how the token will work, how it will be used, what it is needed for. QBT says that three companies are currently preparing for the withdrawal to the ICO. HASH attracts international funds which specialize in investment in digital assets.
Mr. Barinsky further added,
“Now the company cooperates with ten such funds, the largest of them is about $ 100 million. In addition, HASH is going to launch the work of the analytical unit. Market speculation and the absence of long money on it are a consequence of the fact that no one fully knows the real cost of a blockage in the long term. The organization of trading, which will require a license, is being postponed for the next year.”
QBT will be acting as a technological subcontractor. Hash, on the other hand, will work towards developing the financial structure of the project.
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