Payments giant Qiwi’s representatives are about to launch the first crypto investment bank in the Russian market.
The project which is to be called HASH, will offer assessment, search and market entry projects, qualities of investment banking firms created to attract large investors, says Kommersant. HASH will not function as a Qiwi Group subsidiary. Instead, Qiwi Blockchain Technologies (QBT) will operate as HASH’s technology contractor as HASH creates its token’s purpose, how it will operate.
The entry of traditional investment banks into the cryptocurrency market will likely boost the development of this high-risk market with regards to its volume. The progress of the legislative base will also drive the market’s development, experts claim.
After the ICO, which is under preparation, HASH will draw in international funds that prioritize investment in cryptocurrencies. HASH is presently collaborating with 10 such funds, including one with about $100 million.
Yakov Barinsky, QBT financial director who acts as HASH project’s manager, noted Qiwi Group’s main shareholder and general director, Sergey Soloni, has interest in the crypto project.
According to Soloni, he has the interest to be part of the project as a strategic investor, yet he plans to make a decision after observing the project’s progress.
Barinsky stated the project will get its commission after a company generates funds in the market, a classic investment banking service monetization model being used in the cryptocurrency market.
The cryptocurrency market’s hypothetical nature and its lack of long money show the lack of understanding of the costs involved. The project has suspended securing a trading license for the next year, noted Barinsky.