Crypto Investment Bank Planned By Qiwi Blockchain Teсhnologiesbr>
Qiwi Blockchain Teсhnologies (QBT), a subsidiary of Russia’s largest payment service provider Qiwi, will be launching Russia’s first ever cryptocurrency investment bank.
Dubbed “HASH,” the new platform will be built on a “classic investment banking model” and will be registered in Russia. It will manage clients’ initial coins offerings (ICO), help them build their blockchain networks and raise funds. Sergey Solonin, Qiwi Group CEO and its biggest stakeholder, will act as a strategic investor in the HASH project.
“We will help companies go through the fundraising stage,” said Yakov Barinsky, QBT’s Chief Financial Officer. “It will be classic monetization: we will receive our commission after we help the company attract investment.” QBT will act as a technological subcontractor, while HASH will be responsible for developing the projects’ financial structure, such as determining token parameters, use-cases, and applications.”
Constantine Koltsov, partner at QBT and head of corporate relationships at HASH, said that HASH has already partnered with a number of international FinTech companies, including Bitfury Capital, Itech, InVenture, Target Global, Hosho, Wings, and RootStock.
“We are going to make an international crypto bank providing trading services, research and ICO advisers,” Koltsov said. “When the proper regulation is in place, we are going to help companies from traditional sectors of economy, like natural resources and heavy industry, to raise money through ICOs. ICOs can be helpful at a time when major Russian banks are under sanctions, and can have difficulty borrowing money from organizations in the West.”
The Russian government is set to pass its major crypto and blockchain-related regulatory bills this fall. For the meantime, Koltsov said they will work with ICOs registered in other jurisdictions, but Russian investors are free to participate in various projects with the company’s help.