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Russia’s largest bank joins Enterprise Ethereum Alliance

Russia’s largest bank by assets, Sberbank, joins the Enterprise Ethereum Alliance after R3 rejection
20 October 2017   1657

A group of companies, technology startups, corporations and governments working to leverage open-source Ethereum technology for enterprise blockchain solutions, the Enterprise Ethereum Alliance (EEA), announces the addition of Sberbank, Russia’s largest bank, to a list of over 150 members from public and private sectors alike.

This is not the first Sberbank's attempt to enter the blockchain world. Thus, in 2015, Sberbank revealed the desire to join the international banking blockchain consortium led by New York startup R3 (however, R3 refused Sberbank’s membership to the consortium). Then, in September 2016, Sberbank joined the Linux Foundation-led open-source Hyperledger Project.

Now, according to the announcement, Sberbank becomes the first Russian bank to join the EEA and reveals its intent to further Ethereum blockchain solutions Russia.

Our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform. The Alliance is actively developing and I hope that the bank’s expertise will be of use to all of its members. In addition, the bank will be able to influence the enhancement of the platform and its growth in the corporate sector. I hope that our union will further strengthen our relationship with the Ethereum Foundation and serve as a significant step towards developing blockchain technology in Russia.
 

Igor Bulantsev
Sberbank senior vice president

It's also noteworhty that Sberbank chief executive Herman Gref, a noted blockchain advocate and a Bitcoiner, has speculated that the blockchain technology will lead to commercial applications in 2019.

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AION to Unveil Future Plans

Foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year
06 December 2018   159

The Aion Foundation, which is responsible for the development of the protocol of the same name and collected $ 23 million in Bitcoin and Ethereum on ICO in October last year, published a report in which it shared information about its financial operations. The report was prepared with the support of Deloitte, however, it cannot formally be considered an audit.

According to the Aion Foundation CEO Matthew Spoke, the foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year. Having spent $ 10 million on launching its blockchain platform and opening offices in Canada, China and Barbados, the fund had assets of $ 14 million as of October 31 of this year, $ 5.8 million of which was placed in Fiat.

We’ve liquidated a decent amount of our bitcoin and eth that we raised as proceeds to make sure that we are stable in this type of period. As we continue to spend in our operations we’ll end up liquidating more bitcoin and eth over the course of the next few months.
 

Matt Spoke

CEO, Aion Foundation

The Aion protocol has already attracted active users, including the video game start-up ClanPlay, but Spoke claims that his company will continue to rely on hard currency.

The foundation has roughly 18 months of runway, Spock estimates, while developing his system to a level at which it can compete with centralized counterparts, such as Amazon Web Services, will take about five years. Aion expects to launch its first Java-based virtual  machine, thanks to which developers can use decentralized tools, by the second quarter of next year.

Spoke suggests that at this time his company will have to attract additional funding from cryptocurrency funds and accredited investors in exchange for their own tokens. His goal is to prevent the reduction of the team, which currently includes 61 people, and the operation of the Ethereum model of ConsenSys, a company sponsoring projects in its own ecosystem.

In the future, Aion intends to publish such reports on a quarterly basis and transfer data to the Messari network in order to increase the confidence of its tokens holders.