Finam Expands into Cryptocurrency with Brokerage Services and Exchange
Finam, a financial services group, is expanding into cryptocurrency by offering brokerage services and acting as a crypto exchange. Vladislav Kochetkov, President and Chairman of Finam's Board, confirmed that the company will enter the Russian market in this capacity.
The decision to focus on brokerage services and a crypto exchange comes after considering the need for a proprietary digital depository. However, such infrastructure would require at least 3 billion rubles in investments and is expected to take eight years or more to pay off, according to Finam's estimates.
Kochetkov stated that creating a digital depository requires a clear understanding of the future market's scale, which is uncertain given the upcoming regulation changes. Therefore, Finam will initially focus on providing brokerage services and operating as a crypto exchange.