MegaFon, Rostech, Gazprombank, and USM created a joint venture to use blockchain.

Multiple Russian corporations, including the state-owned Gazprombank, have created a joint venture to develop projects in blockchain TASS reported on June 9.

MegaFon, a Russian telecom company together with Gazprombank and government corporation Rostec and USM Group have created a joint venture called MF Technologies (ITF). The joint venture is worth $450 mln and has a 59 percent stake in the Russian Internet giant mail.ru.

“The creation of a joint venture by business leaders in key sectors that form the infrastructure of the digital economy will allow partners to effectively implement complex innovative projects at the intersection of industries, implement solutions based on blockchain technology and the Internet of things,” Representatives of MegaFon said.

In particular, the partners want to focus on developing solutions in the field of digital financial platforms, actively using the competence and financial capabilities of Gazprombank.

“Allocation of the ITF into an independent structure is a natural step in the implementation of our corporate strategy to achieve the ambitious goal of digital leadership. With the creation of a joint venture, we gain access to capital and create a platform for the implementation of innovative fintech solutions,” commented Sergey Soldatenkov, CEO of Megafon.

This shows how blockchain as a technology gets more and more adopted by large institutions. Earlier this year, Gazprombank which is the third largest bank in Russia, went public with their plans to try crypto deals in Switzerland.

“These will be pilot deals, not on a large scale. Some substantial private clients have asked for this kind of services,” Says Alexander Sobol, CEO of Gazprombank.

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