Two Russian financial giants agree to develop blockchain tech

Russian National Association of Stock Market Participants and the FinTech association have signed a joint agreement to develop technological projects with blockchain and distributed ledger solutions. Residents of countries outside Russia might not know this, but the former party, also known as the NAUFOR, includes 484 companies from the Russian market, and the latter party has many wealthy banks as members. Among them are: Sberbank, VTB, Alfa Bank, QIWI, the representative office of Raiffeisen Bank, Tinkoff Bank and many other known, respected financial institutions.

According to the information available to Bitnewstoday, the leaders of both parties exchanged with their opinion on the event after signing it. A.V. Timofeev, President of NAUFOR, told his institution would now be able to expand the other party’s expertise in securities market. Sergey Solonin, chief executive of the FinTech association, in turn, made clear that the partnership between two organizations is going to be mutually beneficial and would certainly ensure the better project planning process.

Both organizations mention their intention to hold joint events aimed at popularization of financial innovations, which is a good news for Russia where cryptocurrency market is just being born and the need for improving the fintech literacy of citizens is obvious. Therefore, this event, while it might have been unnoticed by the general public, is going to directly influence the Russian cryptocurrency market in the future.