Ethereum Foundation partners with Russian Bank

Ethereum Foundation announces its partnership with Russian Vnesheconombank (VEB)
30 August 2017   2145

Ethereum foundation and Russian Vnesheconombank (VEB) have signed a partnership agreement. The ceremony took place at the "Blockchain: The New Black Gold of Russia" conference. The document was signed by Ethereum foundation founder, chief architect of Ethereum platform Vitalik Buterin and Vnesheconombank Chairman Sergey Gorkov.

As reported, the agreement focuses on a long-term and effective partnership in the implementation of the projects using distributed registry technology and the Ethereum platform, the formation of an expert community on the Ethereum platform, and the joint development and the implementation of the educational programs for training specialists in distributed registries and the Ethereum platform based on Vnesheconombank's Blockchain Competence Centre.

The Centre aims at accumulation of the competencies and knowledge about innovative technologies, development of the platforms for government organizations, training and popularization. Thus, Russia is becoming an important player in the development of blockchain industry in the world.

We unite the efforts of all the interested parties and create the first Competence Centre in Russia for state companies and authorities, forming an ecosystem of the innovations. Both Russian developers and world leaders will contribute to the project. We are pleased to add Ethereum foundation's experience and expertise to VEB's knowledge.

Sergei Gorkov
Vnesheconombank Chairman

The partnership hopes to help foster a community of Ethereum experts within Russia and to assist the formation projects based on Ethereum and other blockchain.

Cooperation between Ethereum and VEB gives a unique opportunity to engage in research and development on the use of blockchain technology for public administration and accelerate the adaptation of this technology to government organizations in the Russian Federation.

Vitalik Buterin
Ethereum founder

Thus, the partnership seems to be a part of a series of steps that Russia are taking towards blockchain implementation nationwide.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.


Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.