Russian Government, Corporate Giants Form Joint Venture To Develop In Blockchain, IoT

June 12, 2018 6:04 pm Published by

Russia is moving forward, developing projects in blockchain and the digital economy, CoinTelegraph reports, forming a joint venture involving multiple Russian corporate giants – including state-owned Gazprombank – TASS reported late last week.

The report said Pairing up with Russian telecom company MegaFon, Gazprombank, government corporation Rostec and the USM Group, the consortium have created a joint venture – referred to as MF Technologies (MFT) – that is worth $450 million and has a 59 percent stake in Russian Internet giant mail.ru.

The initiative aims to focus on developing digital financial solutions via Gazprombank resources, CoinTelegraph reported.

According to the TASS report, MegaFon said MFT will: “Allow partners to maximally effectively implement comprehensive, innovative projects across industries, to implement solutions based on blockchain technology and the Internet of Things.”

MegaFon CEO Sergey Soldatenkov said creating the separate joint venture is a “natural step in the implementation of our corporate strategy to achieve the ambitious goal of digital leadership,” the report said.

TASS reported Rostec plans to take advantage of the expertise of the organization to develop digital technologies, CoinTelegraph reported.

This is not Gazprombank’s first foray into the blockchain and crypto space, the report said, adding at the end of March, Gazprombank reported it would begin testing pilot cryptocurrency transactions in Switzerland.

WN.com, Jack Durschlag

 



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