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A major Russian bank is considering investing in cryptocurrency

A major Russian bank is considering investing in cryptocurrency

A major private Russian bank, Tinkoff is planning to do research to find opportunity in order to introduce crypto investment services through their internal online brokerage called as Tinkoff Investments despite the prohibitions imposed by central bank of Russia on cryptocurrencies.  

Russian bank is exploring opportunity to provide crypto investment services

Dmitry Panchenko, the head of Tinkoff Investments, stated that the bank’s brokerage portal is considering cryptocurrency investment opportunities, but that it is too early to discuss any particular ideas.

In a Thursday interview with Russian news agency TASS, Panchenko said the company is now focusing on research and development projects aimed at a variety of crypto-related services. Tinkoff Investments is particularly interested in crypto products from firms such as PayPal, the world’s largest payment processor, as well as crypto-friendly apps like Revolut and Robinhood.

Despite local regulators’ refusal to allow companies like Tinkoff Investments (part of Russian bank, Tinkoff) to provide crypto investment services, Panchenko stressed that Russians are still actively trading crypto on global platforms, with more than $15 billion in crypto assets on exchanges.

Also read about: What cryptocurrencies does Elon Musk have in his possession?

Brokerages like Tinkoff, according to Panchenko, will benefit from the adoption of crypto investment services. He also said that despite the fact that the Russian crypto law “On Digital Financial Assets” prohibits the crypto investment in the country, the bank is noticing a significant increase in demand for crypto investment.

Tinkoff CEO Oliver Hughes alleged months ago that the Russian central bank was preventing Tinkoff from offering crypto trading services. He said that at the moment they are unable to provide any crypto services due to lack of mechanism since the central bank of Russia is in tough position.

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