Home Business BBC Chairman Buys Share in Crypto Firm Despite Crypto Winter

BBC Chairman Buys Share in Crypto Firm Despite Crypto Winter

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BBC Chairman Buys Share in Crypto Firm Despite Crypto Winter

A recent report linked BBC President Richard Sharp to a crypto company founded by a Russian oligarch. Sharp, a former banker, allegedly invested in cryptocurrency business using a foreign company. The said company was founded by one of the Russian oligarchs and was recently sanctioned due to the Russian-Ukrainian war.

The Guardian reported Sharp’s investment in Atomyze, a Swiss crypto company, in 2019. According to the report, the chairman of the British Broadcasting Corporation used a company known as ABCP GP Ltd for his investment.

ABCP GP has been registered in the Cayman Islands for an operating license. Sharp has been funding Atomyze for three years. However, during the period that Sharp began his investment in Atomyze, he did not take up the post of chairman of the BBC.

Brief on Atomyze

Atomyze is a cryptocurrency company founded by Vladimir Potanin, a Russian oligarch. The company operates in Switzerland. It functions as a platform based on blockchain technology where clients can trade commodities. Its main focus is the metals produced by the Potanin company.

Additionally, Atomyze is designed to digitize and tokenize commodities. Some include gold, silver, palladium, nickel and others. The company has close ties with Nornickel, a Russian mining and smelting giant.

Moreover, Atomyze received huge popularity in Russia. It is the country’s first cryptocurrency company on the Russian Central Bank’s list of approved digital asset operators. He gained this approval shortly before the invasion of Ukraine.

Potanin was among the oligarchs who received an invitation to the Kremlin during Russia’s invasion of Ukraine. Potanin is believed to have close ties to Russian President Vladimir Putin.

In June, the British government sanctioned Potanin after the invasion of Ukraine in February. This was due to his support for President Putin’s regime and his continued accumulation of wealth.

Sharp’s Crypto Investment Precedes Sanctions

Sharp’s spokesperson for its crypto investment reacted to the situation. The spokesperson said that Sharp has a deep interest in various and innovative technologies such as blockchain. However, his interest and investment predated the sanction of the Potanin.

BBC Chairman Buys Share in Crypto Firm Despite Crypto Winter
Cryptocurrency Market Falls on Chart | Source: Total Crypto Market Cap on TradingView.com

Currently, Sharp has placed its investments in a blind trust. This indicates an agreement for the management of its funds by a third party.

With this new arrangement, he would avoid potential issues that could lead to conflicts of interest. In addition, the spokesperson stressed that there was no management or financial interest between the blind trust, Mr. Sharp, Potanin and his companies.

Sharp opted to use blind trust after becoming chairman of the BBC. Fiduciary management is based on both ABCP GP Ltd and Atomyze Switzerland without any dependence on Sharp.

Featured image from Pixabay, chart from TradingView.com

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