Russian Gov’t, Corporate Giants Form Joint Venture to Develop in Blockchain, IoT

Multiple Russian corporate giants, including state-owned Gazprombank, have created a joint venture that plans to develop projects in blockchain and the digital economy, local news outlet TASS reported June 9.

Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture – referred to as MF Technologies (MFT) – that is worth $450 mln and has a 59 percent stake in Russian Internet giant mail.ru.

The initiative plans to focus on developing digital financial solutions via Gazprombank resources. According to TASS, MegaFon stated 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.”

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