Russia’s Tinkoff Banking Group Buys Majority Stake in Swiss Crypto Startup Aximetria

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.