Major Russian bank explores crypto investment amid strong demand

Major Russian bank explores crypto investment amid strong demand

Tinkoff Investments is an online brokerage of a major Russian private bank Tinkoff. However, the Bank of Russia has withheld the launch of such services from Tinkoff Investments.

Dmitry Panchenko, head of Tinkoff Investments, claimed that the bank’s brokerage portal was looking into projects related to cryptocurrency investments but that it is too early to discuss any specific ideas.

Panchenko stated that the company is currently working on research and development projects to target a variety of crypto-related services in a Thursday interview with TASS. Tinkoff Investments is focusing on crypto products from companies such as PayPal and crypto-friendly apps such as Revolut or Robinhood.

Panchenko stated that even though Tinkoff Investments is not allowed to offer crypto investment services in Russia, Russians continue to trade crypto on foreign platforms. They have more than $15 billion worth crypto assets.

“People are exposed to crypto in some way and do so outside of their country. It is possible to offer such services within Russia’s legal system. Although this isn’t legal today, the issue should be addressed and investigated more thoroughly.

Panchenko said that Tinkoff brokerages stand to gain from the adoption crypto investment services. Panchenko also stated that there is a growing demand for crypto investments, as opposed to crypto payments which are prohibited in Russia under the crypto law “On Digital Financial Assets.”

Cointelegraph reached Tinkoff for comment but he did not respond immediately.

Related: Russian Crypto Market Worth $500B Despite Bad Regulation, Says Exec

This news comes months after Tinkoff CEO Oliver Hughes said that the Russian central banking was preventing Tinkoff’s offering of crypto trading services. Hughes stated that there is no way for them to offer the product in Russia right now because the central bank is in a very difficult position.

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