The payment services provider Qiwi, which is a major player in the Russian speaking market has just launched an investment bank focused on digital assets such as cryptocurrencies.
In comments to Kommersant, the financial director of Qiwi Blockchain Technologies Yakov Barinsky stated that the investment bank will help companies in the crypto space fundraise and take a commission once a firm succeeds in getting funded. The crypto investment bank will be registered under the name of HASH and even though it will share staff with the Qiwi group, it is not a subsidiary.
Qiwi is a payments company which sees trades worth over four billion USD a year and earns most of its revenue from the Russian market. The crypto investment bank will be the first such organisation in the Russian market and may lead to greater liquidity in the Russian crypto market. This follows news of Russian banks considering the addition of digital assets to investment portfolios and the Central Bank backing a blockchain project.