Russian Payments Giant QIWI Acquires Fintech Accelerator InspiRUSSIA

News and Analysis

Russian payments service provider QIWI has purchased fintech accelerator InspiRUSSIA which mostly focuses on developing blockchain-based solutions. As reported by TASS, the amount of the deal remains undisclosed.

“QIWI has acquired full ownership of InspiRUSSIA. We have a QIWI blockchain division focused on projects in the area for external markets. The main purpose of the acquisition is to further develop blockchain projects, and to reinforce the team that would engage in technological development and marketing of the technology,” QIWI’s statement reads.

InspiRUSSIA was founded by Life.Sreda as a Russian representative company for Singapore-based accelerator InspirASIA.

“Currently, InspiRUSSIA is capable of providing modern working space for 20 development teams and startups to promote their development on Russian and foreign markets,” QIWI’s statement continues.

The group’s CEO Sergey Solonin noted that QIWI was going to deploy a “fixed team to work on innovative processing projects for payments industry.”

Earlier this year QIWI (NASDAQ: QIWI) has established Qiwi Blockchain Technologies LLC (QBT), a company focused on developing blockchain-related products. Also the company said it was going to reboot BitRuble, its own cryptocurrency project.

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