QBT, is the daughter company of Russia’s biggest electronic payment system Qiwi – and has recently made an announcement that it will launch the country’s very first crypto investment bank.
The newly developed company – which is said to operate under the brand-name hash is going to be generated under the brand-name HASH – and it will officially be registered in Russia, with the new reports Russian news outlet Kommersant.
The project is going to be based on strictly classic banking model used for investing, however will operate on global cryptocurrency markets.
The Head of QBT, Yakov Barinksyi also explained the following:
“We will help companies go through the fundraising stage. It will be classic monetization: we will receive our commission after we help the company attract investments.”
Barinskyi also added that QBT – a company that launched back in March of 2017 – would officially act as a tech subcontractor, while HASH will be in charge of developing the project’s new infrastructure for finances, like those that determine coin parameters, use-cases as well as applications.
To describe it differently, QBT will be able to help raise even more capital via the ever popular ICO model, AKA Initial Coin Offering that is almost like that of ICO Box and Draglet. But, at the same time it will be used to establish new services like ICO Box and Draglet. At the same time, it will give new ICO-as-a-packaged service providing work that is in alignment with Russian Regulations that are under development as we speak.
There are already three official ICOs on deck according to QBT. The Banks are very optimistic although with caution, about the success they will likely have while specializing in cryptocurrencies. Barinskyi also added that the new project is already in works with dozens of worldwide, global cryptocurrency investments – the largest of them is said to be close to one hundred million United States Dollars that needs to be managed.
Along with all this, there is a subdivision of HASH that is going to be launched, also to be held responsible for the sale of the virtual currencies. And as such, there will be a required license that must be obtained and can be applied for the next coming year.
As a whole, the major players from an investment banking standpoint will be receiving the QBT projection with optimism, although it’s said to be at an extremely cautious nature. Another example is that of VTB, the second-largest bank in Russia – they believe any interest in cryptocurrency markets will be increased proportionally with the new development of any accompanying legal frameworks that are currently working.
During a speech, there were echoes of Russian President Vladimir Putin’s speech on blockchain technology. That basically means it’s considered to be “well-suited for traditional corporate banking businesses as well as for investment banks.”
At the same time, while all this happens, Qiwi Group and its biggest stakeholder, Sergey Solonin, already declared his confirmation on his participation in the HASH project as a strategic investor.
Qiwi, founded in Moscow, is one of the largest payment companies found in Moscow and headquartered in Cyprus. As of 2017, it had a massive net revenue last year of more than $229 Million USD as well as 20.1 million active user accounts.
What do you think? Is HASH going to be the future of investments or banking, or will it simply be another marketing stunt? Let us know your thoughts in the comments section below.