Last updated on January 16th, 2021 at 08:49 am
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Russia-based payment service provider Qiwi.have created the first crypto investment bank in the Russian market.
The project, which they called HASH, will provide assessment, search and market entry projects. This is a typical of investment banking firms designed to appeal to large investors, according to Kommeresant.
HASH will operate as a non-Qiwi Group subsidiary. Qiwi Blockchain Technologies (QBT) will serve as HASH’s technology partner. HASH will establish its token’s purpose, how this token will be used and how it will work.
QBT financial director Yakov Barinsky, the HASH’s project manager, said:
Qiwi Group’s main shareholder and general director, Sergey Solonin, is interested in the crypto initiative.
Solonin had told Kommersant saying:
I am interested in participating in the project as a strategic investor.I will make my decisions after observing the project’s development.
Barinsky said the project will receive its funding after a company raises funds through an upcoming intended ICO in the market. The easier investment banking service fund raising model being used in the digital assets market.
The digital assets market’s lack of long funds reflect the lack of understanding of the finance involved. The project HASH has postponed it’s securing of trading license for the next year, Barinsky said.