BBC chairman buys stake in crypto firm despite crypto winter

A recent report linked the BBC’s chairman, Richard Sharp, to a crypto company founded by a Russian oligarch. Sharp, a former banker, is said to have invested in cryptocurrency businesses using a foreign firm. The aforementioned firm was founded by one of the Russian oligarchs and was recently sanctioned due to the war between Russia and Ukraine.

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

ABCP GP was registered in the Cayman Islands for an operating license. Sharp has funded Atomyze since three years ago. However, during the period Sharp started his investment in Atomyze, he has not taken up the position of chairman of the BBC.

Briefly about Atomyze

Atomyze is a cryptocurrency company founded by Vladimir Potanin, a Russian oligarch. The company operates in Switzerland. It runs as a platform based on blockchain technology where customers can trade goods. The main focus is on metals produced by Potanin’s company.

Atomyze is also built for digitization and tokenization of goods. Some include gold, silver, palladium, nickel and others. The firm has a strong connection with Nornickel, a Russian mining and smelting company.

In addition, Atomyze has gained enormous popularity in Russia. It is the country’s first cryptocurrency firm on the Central Bank of Russia’s list of approved operators of digital assets. It received this approval not long before the Ukraine invasion.

Potanin was among the oligarchs who received an invitation to the Kremlin during the invasion of Ukraine by Russia. Potanin is believed to maintain strong ties with Russian President Vladimir Putin.

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

Sharp’s crypto investment precedes sanctions

Sharp’s spokesperson for his crypto investment has responded to the situation. The spokesperson stated that Sharp is deeply interested in diverse and innovative technology such as the blockchain. However, his interest and investment had predated Potanin’s sanction.

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

Through this new arrangement, he would avoid potential problems that could lead to conflicts of interest. The spokesman also emphasized that there is no directorship or financial interest between the blind trust, Mr. Sharp, Mr. Potanin and his businesses.

Sharp chose to use blind trust after becoming BBC chairman. Trust management is at both ABCP GP Ltd and Atomyze Switzerland without dependence on Sharp.

Featured image from Pixabay, chart from TradingView.com