Russian Payments Firm Qiwi Launches Blockchain Subsidiary

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Russian funds agency Qiwi has created a brand new subsidiary that may deal with blockchain improvement and consulting.

The group, referred to as Qiwi Blockchain Technology, will deal with growing in-house blockchain options and in addition offering exterior session companies to shoppers, in response to a report by Kommersant. The new entity will reportedly obtain 100 million rubles for its 2017 working bills.

The agency has already developed a cost system that makes use of the tech, the publication mentioned, and it intends to pursue extra initiatives in collaboration with potential shoppers.

According to a tough translation, Alexey Arkhipov, who leads Qiwi’s crypto-technology improvement, advised Kommersant:

“We are ready to make joint projects with external customers.”

Further, the corporate is alleged to be whether or not to develop merchandise across the Bank of Russia’s blockchain challenge, dubbed Masterchain, which was initially unveiled final October.

According to Arkhipov, Qiwi Blockchain Technology is already working with three corporations to implement blockchain options, although the names of these corporations weren’t disclosed. However, he talked about that potential use circumstances have been shareholder registration and knowledge storage.

Qiwi has been an early adopter of blockchain and vocal proponent of its widespread use. Sergey Solonin, its CEO, is head of the Russian FinTech Association, an initiative backed by the Russian central financial institution. Qiwi, a member of distributed ledger consortium R3, has beforehand signaled its intention to deploy the tech internally.

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