- Cryptocurrency investment demand is soaring in Russia, as observed by Tinkoff Investment
- The Russian major bank is now seeking to get crypto exposure although enabling such services are prohibited in the nation
- According to Dmitry Panchenko, Tinkoff seeks digital assets exposure even if it goes overseas
Cryptocurrency demand has already gone mainstream amid the global COVID-19 pandemic. Following tremendous gains made by assets in the crypto market, everyone globally is willing to acquire at least one type of digital asset. Simultaneously, Tinkoff Investment, a Russian major bank has also observed high demand for digital assets investment. Following the scenario, the bank is seeking a way or another to get virtual currency exposure. According to the head of Tinkoff, the bank seeks crypto exposure even if it goes abroad.
Tinkoff Investment researches cryptocurrency
The online brokerage of one of the major Russian private banks is observed researching cryptocurrency investment services. Indeed, the bank is doing so, although the Bank of Russia has withheld it from launching services or tools related to digital assets. According to Dmitry Panchenko, the head of Tinkoff Investment, the brokerage portal of the bank is considering projects related to digital currency investment. However, Dmitry also suggests that it seems too early to discuss such specific ideas.
Tinkoff works on R&D targeting crypto services
Tinkoff Investments is currently working on research and development initiatives. The firm targets to explore a range of liturgies based on cryptocurrency services. In a Thursday interview with the local news outlet TASS, Dmitry underscored that the bank is specifically looking at cryptocurrency products by firms including PayPal. Moreover, it is also revealed that the bank is noting some of the well-known crypto-friendly platforms like Revolut and Robinhood.
Russians trade crypto on foreign platforms
Following the scenario, Dmitry also explained that despite local regulators yelling to not launch crypto-related services, several are still actively immigrating to the cryptosphere. Moreover, Russians are also trading digital assets on overseas crypto assets exchanges. It is also noteworthy that the nation has more than $15 billion worth of virtual assets on exchange platforms. According to Dmitry, one or other individuals will get cryptocurrency exposure and they will do it outside the country. Hence, it seems potentially affirmative to offer such services with the legal system of the nation. However, it is not possible for now, still the bank will continue to focus on the issue needs and study the system more deeply.
Demand for crypto continues to grow
Dmitry has observed that banks like Tinkoff Investment stand to benefit from the adoption of the virtual currency investment services. Moreover, it is also significant that the bank has seen growing demand particularly for investments in cryptocurrency as opposed to using digital assets for payments.