Russia's Tinkoff Banking Group Buys Majority Stake in Swiss Crypto Startup Aximetria
The startup with Russian roots has been offering crypto trading services and debit cards.
Jan 12, 2022 at 4:05 p.m. UTCUpdated May 11, 2023 at 6:03 p.m. UTC
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TCS Group Holding, the parent company of popular Russian bank Tinkoff, has purchased a majority share in the Swiss-based cryptocurrency startup Aximetria.
- TCS bought the shares from Aximetria's first investor, venture capital fund fund Digital Horizon, Aximetria spokesperson Dilyara Belyakova told CoinDesk.
- Aximetria provides crypto trading services to customers, as well as physical debit cards allowing users to pay for goods and services using their crypto holdings.
- The size of the deal was not disclosed, but according to the filing with the Swiss regulator, TCS owned 4,449 shares of Aximetria, each worth 100 Swiss francs ($108). Given that Aximetria's entire share capital is 534,700 francs ($582,000), TCS's stake is roughly 82%, Russian online publication The Bell wrote.
- Aximetria secured a license from the Swiss Financial Services Standards Association (VQF) in 2019. The company was founded by Alex Axelrod, who began his career with the Russian telecom giant MTS.
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Anna Baydakova was CoinDesk's investigative reporter with a special focus on Eastern Europe and Russia. Anna owns BTC and an NFT.