Major Russian Corporations Create Joint Venture to Invest in Blockchain

13.06.2018

Russian corporate giants, including telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture to invest in blockchain development, fintech, and Internet of Things (IoT).

Russian news agency TASS reported on June 9 that the joint venture, called MF Technologies (MFT), is worth $450 million. Megafon daughter company Lefbord Investments Limited controls 45 percent of the joint venture, while Gazprombank controls 35, Roctec 11, and USM 9 percent.

According to a press release by Megafon, the venture aims to develop digital financial solutions by using Gazprombank’s expertise and financial capacities to “develop cross-industry innovation projects including, but not limited to, blockchain- and internet of things-based solutions.”

Russia appears to be facilitating cryptocurrency development with a range of moves designed to spur innovation in the industry. The Moscow Exchange, one of Russia’s largest financial exchanges, announced plans to publish data on initial coin offering (ICO) projects to help investors make informed decisions.

The Duma, Russia’s main legislative body, is also considering two bills on cryptocurrency that will lay out legal definitions for digital assets. Final voting on these bills is expected to be conducted by the end of summer 2018.

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