TCS Group, the parent company of Russia’s Tinkoff Bank has acquired a majority stake in Switzerland-based digital currency investment firm, Aximetria for an undisclosed sum. As reported by local news firm, The Bell, the move comes amidst uncertainty in the Russian digital currency ecosystem and the firm’s proposed approach to offering crypto-based services remains unknown.
Russia currently has a bitter-sweet relationship when it comes to digital currencies in the country. The country’s Central Bank has repeatedly proscribed the use of cryptocurrencies, and while the move to acquire Aximetria by Tinkoff Bank sounds daring, it showcases the desire amongst financial institution players to take hold of the fast-growing digital currency ecosystem in serving their clientele.
“Aximetria will develop as part of the international expansion of the Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence. The details of the deal will be disclosed in accordance with the accepted disclosure standards in the Group’s annual reports,” the company revealed in a statement shared with local news media.
According to data shared by Aximetria, TCS Group acquired a total of 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Considering the fact that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%.
Russian Tinkoff and the Crypto Dive: Why Aximetria?
The stake purchase in Aximetria came following TCG Group CEO’s comment in an interview back in June 2021 where he noted that though investors are seeking ways to invest in cryptocurrencies, the company has no measures to offer the services as of then.
With its first dive into crypto, the Aximetria choice seems ideal as the Swiss startup was amongst the first cryptocurrency-focused firms to receive a license from the Swiss Financial Market Supervisory Authority (FINMA), making it a unique startup to advance TCG Group’s global expansion drives.
Beyond TCG Group and Tinkoff’s stake in Aximetria, many big players in traditional finance are also seeking out ways to position themselves to tap from the growth in the digital currency ecosystem. While many are not making complete acquisitions of a firm, a growing number are investing in startups that operate in the space, a move that now constitutes a major trend that seems to characterize the future of the nascent world of crypto.
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