The Employees of Russia’s Qiwi is set to Open Cryptocurrency Investment Bank in Russia. The project will be called HASH. It will offer services similar to other investment banks with a focus on virtual currencies.
What this therefore mean is that, the investment bank about set for opening will find projects, assess them, and offer the opportunity to invest money if appropriate.
Project manager Yakov Barinsky said to Kommersant: “We help companies go through the stage of fundraising. Monetization is classic: we get our commission after the company with our help raised funds in the market.”
According to the report, after HASH takes a project on it will build its financial model and attract money from international funds.
HASH is currently preparing its ICO and has already attracted the attention of international funds. Barinksy, who is the financial director of Qiwi Blockchain Technologies said, that it is currently in talks with ten funds, one of which is worth around $100 million.
Just for the sake of those who does not know Qiwi. It’s a company with its headquarter at Cyprus and branches in Russia, USA, Kazakhstan, Moldova, Romania, Belarus, Jordan and even Brazil.
Qiwi has a market capitalisation of about $960 million, and it employs more than 2,000 people.
This development can be seen as part of a wider trend of companies opening cryptocurrency-focused investment institutions and funds.