Qiwi has strengthened its position as the largest e-payments service provider in Russia, after launching the country’s first crypto investment Bank, HASH.
Keying into the booming crypto market, HASH will provide advice to investors and also help interested companies to convert their assets to tokens.
In March, Qiwi launched a fintech subsidiary Qiwi Blockchain Technology, and will now house the new enterprise under this umbrella.
Also, given that the Russian crypto industry remains highly unregulated as in most countries, HASH has pledged to play by any new regulations that will be rolled out pretty soon.
Shedding more light on what HASH is about, Constantine Koltsov who is a partner with the Qiwi project said,
“We are going to make an international crypto bank providing trading services, research, and ICO advisers. When the proper regulation is in place, we are going to help companies from traditional sectors of the economy, like natural resources and heavy industry, to raise money through ICOs.”
To achieve this aim, the agency will have to find a way around the apathy that companies have towards ICOs, a situation caused by a saturation of the market with fraudulent projects.
Pending the regulation of Russia’s crypto market that is anticipated this fall, HASH will continue to provide investors within its legal jurisdiction with information about which crypto assets to buy.
So far, Koltsov revealed that a number of fintech companies including Bitfury Capital, Itech, InVenture, Target Global, Hosho, Wings, and RootStock have partnered with the HASH initiative.
Plans to launch $20 million ICO for one of its first clients, an unnamed private oil and gas company is also underway and could set the tone for the new venture.
It is largely expected that the arrival of HASH will provide a suitable alternative for Russian Banks who are currently under sanctions and cannot borrow from the West.
Launching ICOs backed by viable blockchain projects will provide an ideal way to raise funds for these institutions and also allow Russian investors to get a good ROI over time.
Now, Russia’s first crypto investment Bank must navigate through what has been stormy times for the crypto market before it can enjoy the best of days.