Qiwi, one of Russia's largest electronic payment providers, is launching a cryptocurrency investment bank called HASH. Once Russia has properly supervised the implementation of the government, the bank will advise investors and help Russian companies to make tokens for their assets.
The company announced that it will establish a new company based on Qiwi Blockchain Technology, a financial technology subsidiary established in March this year. Known as "Russia's first cryptocurrency investment bank," HASH Bank will help clients manage their ICO, build blockchain networks and raise funds. According to Constantine Koltsov, a partner at Qiwi Blockchain Technologies, the company has partnered with a range of financial technology companies around the world, including Bitfury Capital, Itech, InVenture, Target. Global, Hosho, Wings and RootStock. He added:
“We will establish an international cryptocurrency bank that provides trading services, research and ICO advisory services... After the implementation of appropriate regulatory measures, we will help companies in traditional economic sectors such as natural resources and heavy industry to raise funds through ICO.”
HASH Bank will also provide financial institutions with advice on the quality of the cryptocurrency assets they will purchase. Cortsov said that many of them are now very worried about ICO because there are many scams in the market.
Cortsov said HASH is already working with a large private oil and gas company and plans to launch an ICO plan to raise 20 million U.S. dollars, but he declined to disclose the name of the company.
He said that ICO will be very helpful when the main banks in Russia are sanctioned and it may be difficult to borrow money from Western institutions.
Cortsov said that since Russia has not yet passed the regulatory laws of blockchain and cryptocurrency, HASH will initially cooperate with projects registered in other jurisdictions, but Russian investors can freely participate in various kinds of projects with the help of the company. ICO project.
He added that Qiwi expects that the Russian parliament will pass the cryptocurrency and blockchain supervision act this fall. If not, the company will continue to focus on projects in different jurisdictions.