VEB, Ethereum and BitFury to Join Russia’s First Blockchain Research Center

News and Analysis

According to Russian state-owned news agency TASS, the country will open the first competence center for blockchain research under the auspicies of Russia’s state-owned bank VEB, as well as experts from Ethereum and Exonum, which is BitFury’s platform.

VEB’s chairman Sergei Gorkov has stated that the bank has a history of working with those entities.

“We’ve been working together for a long time, on the pilot project for Rosreestr, and a pilot project for VEB. Now we plan to leave the sandbox for a center of competences,” he said.

The project implies that Russia will develop its own blockchain on Ethereum and Exonum platforms, certification for cryptographic systems, and will hold training seminars.

“The cooperation between Ethereum and VEB provides for a unique opportunity of applying blockchain technology to state administration, and will accelerate the process of the technology’s adaptation in Russia’s state entities,” said Vladislav Martynov, the member of the supervisory board for Ethereum Foundation.

The center will be located in Moscow. Its opening is scheduled this September.

Earlier, VEB has submitted the pilot project on applying blockchain technology in Rosreestr to Russia’s ministry of economic development.

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