Home News Major Russian bank explores crypto investment amid strong demand

Major Russian bank explores crypto investment amid strong demand

498
0

Tinkoff Investments, the online brokerage of major Russian private bank Tinkoff, is potentially considering projects in the field of crypto assets. But it is too early to discuss specific ideas. The director of the division Dmitry Panchenko told TASS about this.

He said that at the moment, brokers cannot legally offer this service: “The market is at the stage of research and development on a range of tools, some new business ideas”. In addition, he said that they are now studying the experience of Robinhood, Revolut and PayPal.

According to independent estimates, the volume of assets of Russians on crypto exchanges exceeds $15 billion, said the director of Tinkoff Investments.

Service in the Russian field

“People get this service one way or another, and they get it outside the country. Potentially, it would be right to conduct this service in the Russian field. While it is not legally possible, but the topic needs to be discussed and studied more deeply,” Panchenko explained.

The top manager added that it is in the interests of brokers that cryptocurrencies become available to investors. Along with stocks, bonds and other investment instruments.

“We see demand not for use as a means of payment or a means of transporting assets, but as an investment tool for investments and potential profit,” he concluded.

Tinkoff is ready to provide crypto trading

Oliver Hughes

Recall that in June, Russian central bank policies stopped Tinkoff from offering crypto trading. The bank wanted to start providing its clients with the opportunity to trade cryptocurrency, Oliver Hughes, head of the bank’s parent company, TCS Group, said in an interview with CNBC. He explained that so far this option isn’t possible due to the tough position of the Central Bank; although qualified investors are showing interest in the topic.

“At the moment we don’t have a mechanism to offer them this product in Russia. Because the central bank takes a very tough position,” Hughes said.

In March, on the Clubhouse social network, the founder of Tinkoff Bank, Oleg Tinkov, criticized the cryptocurrency. According to the billionaire, digital assets are needed for people who “want to hide something”.

Previous articleHuobi closes crypto derivatives in mainland China
Next articleCMCC Global plans to allocate $300M for latest crypto fund