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Russian Gov’t and Corporations Partner in Joint Venture to Work on Blockchain

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A number of Russian corporations, including that of state-owned Gazprombank, have made a joint venture that seeks to develop projects in blockchain and the digital economy.

This development was reported by local news outlet TASS just recently.

Telecom firm MegaFon, Gazprombank, government corporation Rostec, and the USM Group have made a joint venture – which is being called as MF Technologies (MFT) – that is worth $450 million and has a 59% stake in Russian Internet giant mail.ru.

The project plans to concentrate on working on digital financial solutions through Gazprombank resources. According to the report, MegaFon claimed that MFT would “allow partners to maximally effectively implement comprehensive, innovative projects across industries, to implement solutions based on blockchain technology and the Internet of Things.”

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

Rostec also plans to make use of the expertise of the organization to work on developing digital technologies.

This is not Gazprombank’s first venture into the blockchain and crypto space. At the end of March, Gazprombank said that it would start testing pilot cryptocurrency transactions in Switzerland.

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