Chelsea Owner Roman Abramovich, Other Russian Forbes Millionaires Invest in Cryptocurrencies

News and Analysis

Major Russian businessmen are interested in cryptocurrencies, while one tenth of the Forbes list invest in this new kind of financial tool.

According to local publication The Bell, Russia’s richest people, including Roman Abramovich, Alexander Abramov, and Alexander Frolov are going to invest in cryptoprojects via Target Global, the foundation managing over $500 million.

Another Forbes list member, Igor Rybakov, the founder of Technonickel, told his investments include Blackmoon Crypto, a non-bank crediting platform, and that has been investing in cryptocurrencies for six months with his partner, Oscar Hartmann.

Roman Trotsenko, a billionaire who had built Russia’s biggest network of airports, and the owner of the Federation skyscraper in Moscow, has stated that he will launch his own cryptocurrency exchange. Refusing to go into details, he said it was about an ICO / exchange platform with digital clearing and a quotations support system.

Alexander Rutchiev, who once was the biggest construction contractor in suburb Moscow, has also stated he is going to invest in ICOs. He said he started investing in BTC and ETH almost immediately to “grasp the mechanism, get the thing, and start creating my own projects on its basis.” The amount of investment remains undisclosed, however, Mr. Rutchiev noted his portfolio has grown 13 times since he embraced cryptocurrencies.

The Bell reports Alisher Usmanov and Mikhail Gutseriev also invested in cryptocurrency, though the former rebuts the statements, while the spokespersons for the latter offer no comment. Oleg Deripaska, according to the publication, is interested in mining. Yuri Milner has invested in Xapo back in 2014. Another renowned cryptoinvestor from the Forbes list is Lev Leviev, former co-owner of Russia’s biggest social network VK.

Earlier this month, a senior official at Russia’s Central Bank said the so called initial coin offerings (ICOs) could drive funding opportunities for startups, which is why the regulator is ready support the development of the blockchain funding model.

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