BitRussia Digital Investment Platform

BitRussia is a digital investment platform operating in strict accordance with Russian law. The platform is based on the principle of regulated release and free circulation of utilitarian digital rights. BitRussia is operated by Digital Investment Platform LLC.

History

2023: Inclusion of the BitRussia platform in the register of investment platforms of the Central Bank

The Bank of Russia has included the BitRussia investment platform in the register of investment platforms. This was announced on February 14, 2023 to TAdviser by representatives of BitRussia.

The Central Bank register for the first time includes a platform for the release and circulation of utilitarian digital rights
Illustration source: iguides.ru

According to them, the investment platform is built on the technology of distributed registers and is designed to invest in projects by issuing utilitarian digital rights (Utility Token) in accordance with the legislation of the Russian Federation. The BitRussia platform is designed to provide an accessible and secure environment for a wide range of participants: from individuals to corporate clients. At the same time, BitRussia is integrated with the Unified Identification and Authentication System (ESIA) and the Fast Payments System ( FPS).

The co-authors of the BitRussia project are Ivan Rodionov and Stepan Kuznetsov. According to their estimates, the volume of the utilitarian digital rights market in Russia is 6-8 billion rubles. This is approximately 10% of the total digital rights market in Russia.

BitRussia operator Digital Investment Platform LLC will provide tokenization services for attracting investments to Russian legal entities and individual entrepreneurs. As representatives of BitRussia clarified, legal entities and individuals - both residents and non-residents of Russia - will be able to invest through the acquisition of utilitarian digital rights. Investment attraction tokenization techniques are applicable for B2C-, B2B-, B2B2C solutions.

BitRussia offers an alternative way to attract investments as an addition to collateral and equity financing. Attracting investments through the acquisition of utilitarian digital rights will allow in practice to implement the principles of partner financing, in particular, "Islamic banking," as well as to use utilitarian digital rights in foreign trade activities, - said Stepan Kuznetsov (until April 2022, Advisor to the First Deputy Chairman of the Bank of Russia).

BitRussia will ensure not only the release of utilitarian digital rights in accordance with Russian law, but also their turnover both in Russia and abroad. BitRussia's development strategy is focused on the deep penetration of digital rights in the financial market, "added Ivan Rodiono, platform manager, business architect.

According to project representatives, for the official launch of BitRussia, a number of tokenization templates for investment projects from various fields were developed (power, franchise, rental housing, biotechnology, entertainment and sports). Each investment project on BitRussia will be accompanied by an escrow agent, a certain person attracting investments.

The official launch of BitRussia is scheduled for the first half of 2023, simultaneously with the adoption of amendments to the Tax Code of the Russian Federation, regulating the activities of investment platform operators, as well as the release and circulation of utilitarian digital rights.

2022: Application for inclusion of Digital Investment Platform LLC in the register of Central Bank operators

As representatives of BitRussia clarified to TAdviser, at the end of 2021, the co-founders decided to develop the BitRussia investment platform project by the Russian company Digital Investment Platform LLC, and in March 2022 the company applied for inclusion in the register of operators of investment platforms of the Bank of Russia.

Initially, the platform project was developed by the company LLC "Operator of the People's Crowdfunding Platform" (ONCP).

2019: RUB 100 million investment from Da Vinci Capital

On October 11, 2019, TAdviser became known that BitRussia, a fully regulatory and transparent investment platform with a distributed register and smart contracts in Russia, attracted investments from Da Vinci Capital group funds.

Oleg Konev, Managing Partner of Da Vinci Capital and Ivan Rodionov, CEO of BitRussia

BitRussia is a financial ecosystem for the turnover of digital utilitarian rights and digital financial assets, built on blockchain technology and a crowdfunding platform that will allow absolutely legal investment in projects and attract financing through the release and implementation of digital rights (tokens). As of October 2019, the company's offices are located in Moscow and Singapore.

This is a project from an economy with great potential. With the advent of legislation on crowdfunding and digital assets, there is an opportunity for the emergence of a special sector and the introduction of unknown concepts such as digital law, token, stablecoin. For companies that scale their franchise model, build their own loyalty program or develop completely different products, it becomes possible to attract funding through emerging tools. For the population, this is an opportunity to invest in the real sector of the economy in a convenient format and with a small rate, says Oleg Konev, managing partner of Da Vinci Capital

The fintech ecosystem BitRussia and the crowdfunding platform on digital rights, as one of the applied solutions, were created in parallel with the introduction of regulation in Russia and fully corresponds to it. In the near future, we expect the adoption of the Law "On Digital Financial Assets," which will allow ecosystem users to implement projects with a valuable paper business model for attracting investments and with digital rights of a hybrid nature. We are very pleased that the efforts of the BitRussia team and our goals were appreciated by the Da Vinci Capital group, we will continue close cooperation both in Russia and abroad, noted Ivan Rodionov, CEO of BitRussia

The official launch of the platform will take place simultaneously with the entry into force of the law "On Operators of Investment Platforms" - from January 2020. The technological mechanisms of the ecosystem are applicable for B2C and B2B solutions - from small tokenized crowdfunding to raising large capital from professional investors and funds with settlements using digital rights, depositing digital assets and custodial services.

2018

Presentation in Switzerland

On November 30, 2018 Switzerland , the presentation of the international crowdfunding blockchain platform BitRussia, developed in accordance with the requirements of the European the law and fully complying with the bills RUSSIAN FEDERATION "On digital financial assets" and "On operators of investment platforms," took place.

BitRussia begins its work in Europe in January 2019. As the creators predict, for Russian companies and citizens, the platform's capabilities will become available in 2019, immediately after the entry into force of the relevant bills. BitRussia does not fall under the influence of sanctions and should become a platform for independent economic cooperation.

"The crowdfunding and ICO market is undergoing a natural change - it is maturing and overgrowing the traits necessary for a healthy business. Like any market, it requires clear regulation, and in order to develop, the industry must provide its players with security, clarity, transparent management, deep integration with familiar financial instruments. This is exactly what BitRussia is doing. The draft platform was presented in the fall of 2017 to the working group of the Central Bank of the Russian Federation on the development of laws on Crowdfunding, and we can say that the legal principles laid down in BitRussia are identical to those that formed the basis for the development of the bill "On operators of investment platforms." The adoption of the bills will give a big impetus to the growth of the digital economy and the implementation of blockchain projects in Russia. " Ivan Rodionov, founder of BitRussia

According to the developer, the ecosystem of the BitRussia platform allows you to transparently and openly implement business processes of full-cycle projects in a single infrastructure. At the same time, each BitRussia participant will be able to initiate projects on the BitRussia platform, as well as an investor and (or) counterparty in projects.

BitRussia has been developed taking into account the necessary information security requirements for financial transactions. User identification in Russia will take place using the Unified Identification and Authentication System (ESIA) and similar systems in Europe. Its own automated rating system will display the rating of projects and the reputation of their creators and investors. The platform ensures the security of transactions when making payments using nominal accounts with partner banks and allows you to track the use of funds raised by projects as part of their implementation (Escrow function). Funds raised below this amount are returned to investors and are not allowed for use. In case of critical situations, the BitRussia platform provides for the launch of anti-crisis management and bankruptcy algorithms for projects, the developer emphasized.

On the BitRussia platform, business models are configured for integration as counterparties to large corporations, banks, insurance businesses and government agencies. At the same time, the flexible system of the BitRussia platform will allow introducing new business models and user solutions, according to BitRussia.

As the developer noted, the BitRussia platform has its own operating unit (sign) with a fixed course (stable coin). For Russia, this operating unit will be tied to the fixed exchange rate of the Russian ruble, and all platform projects and settlements will be carried out using it. Investment in projects occurs by purchasing digital rights (tokens) of projects, the price of which is expressed in the operating units of the BitRussia platform. In addition, the clear regulation of the BitRussia platform and its operating unit will allow the introduction of project tokens and operating units of the BitRussia platform into circulation by third-party financial organizations. The BitRussia platform is built on the principles of self-organization and should in the future, having accumulated a sufficient number of experts, turn into a self-governing ecosystem based on the principles of meritocracy.

Platform Information

The BitRussia platform was developed by a project team from Russia, Belarus and Latvia. The project manager and founder is Ivan Rodionov. The purpose of the project was to develop and implement a fully legal crowdfunding platform in Russia using the technology of distributed registers, "smart contracts" and "tokenization" of investment projects. The design of the BitRussia platform was completed in May 2018.

2017

BitRussia is a pioneer of tokenization of attracting investments in Russia, traces its history to 2017. The creation and development of BitRussia is inextricably linked with the development of Russian legislation in the field of digital rights.