Some of Russia’s corporate giants, including state-owned Gazprombank, have created a joint venture that plans to develop projects in blockchain and the digital economy, according to Cointelegraph, citing the TASS news agency.

Also involved in the venture, which is called MF Technologies, are Russian telecom company MegaFon, government corporation Rostec and the USM Group. The venture is worth $450 million and has a 59 percent stake in Russian internet giant mail.ru.

This is not Gazprombank’s first foray into blockchain. At the end of March, Gazprombank reported it would begin testing pilot cryptocurrency transactions in Switzerland. Read more here.

ThirtyK Staff
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