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Russia: Gov’t and Three Major Holdings Launch a Joint Venture for Blockchain and IoT Development

Government Corporation Rostec, State-owned Gazprombank, Russian telecom giant MegaFon and USM Holdings have inked a deal for creating MF Technologies (MFT) joint venture aimed at developing blockchain and IoT projects. TASS News, a Russian News Agency reported June 9.

The joint venture will enable the partners to proficiently develop cross-industry innovation projects including, but not limited to, blockchain and Internet of Things-based solutions

MFT Worth $450 mln is aimed at developing digital financial solutions via Gazprombank resources while Rostec Corporation is expected to apply their technical expertise in the field of implementing digital technologies.

MFT already has a 59% stake in Russian Internet giant Group. MegaFon’s subsidiary Lefbord Investments Limited, Gazprombank, Rostec and USM Holdings own 45%, 35%, 11% and 9% of MFT’s shares respectively.

As reported by the Local news Agency, Sergey Soldatenkov, Chief Executive officer of MeganFon said that “MFT will allow partners to maximally effectively implement comprehensive, innovative projects across industries, to implement solutions based on blockchain technology and the Internet of Things.” Adding that “creating the separate joint venture is a natural step in the implementation of our corporate strategy to achieve the ambitious goal of digital leadership.”

Gazprombank has been making significant inroads to blockchain and crypto space in a bid to provide distinguished banking service to crypto enthusiasts. earlier this year Gazprombank announced that it would begin testing pilot cryptocurrency transactions in Switzerland.

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