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.