Russia’s most recent stance on cryptocurrencies has proven to be a more friendly one that allows for companies in the country to explore the benefits brought about by their underlying technology, the blockchain. This is the case with Gazprombank, the third largest bank in Russia, which has recently partnered with the Waves Platform.
The partnership will allow the Gazprombank Digital division to provide clients with “comprehensive initial coin offering (ICO) services and customised blockchain solutions”. These services will be directed at the Russian metals and mining sector, an idea that is already being explored as an open blockchain project, ZrCoin.
GPB Digital, the digital arm of Gazprombank, will focus on developing financial technology solutions and exposing them to their corporate and investment banking clientbase. Waves, on the other hand, will develop and introduce the necessary digital financing mechanisms. Maxim Ermilov, Chief Executive Officer of GPB Digital stated:
“Blockchain technologies are gaining ground, already allowing technology start-ups to raise significant amounts of funding in cryptocurrencies. ICOs are best-suited for small- and mid-size venture projects, but should not be limited to the technology sector alone. We see big potential in bringing cryptocurrency financing innovation to the real sector of the economy — in particular, to metals and mining exploration and development projects. We are pleased to cooperate with the Waves Platform and are confident that our joint efforts will help bring real projects that meet very high standards of financial soundness and risk disclosure to cryptocurrency investors.”
The “relaxed” stance of the Russian government with regards to the current ICO landscape contrasts with countries like the U.S and China, the former of which has already taken action to regulate token sales as a securities. To the east, however, GPB Digital will work to promote this new method of crowdsourcing funds.
The presence of GPB Digital will also help raise the bar for the current ICO scene, bringing “the standards of financial analysis and risk disclosure closer to the ones qualified investors in traditional financial instruments expect.” Sasha Ivanov, CEO and founder of the Waves Platform stated:
“Our partnership is a significant step towards mass application of blockchain technology. Presently, initial coin offerings are not regulated and carry significant risks for investors. Our strategic partnership with GPB Digital, the daughter company of Gazprombank, will allow us to generate a high-quality deal flow for global cryptocurrency investors. It is an important step forward for the entire blockchain industry, in Russia and across the world.”
To learn more about the Waves Platform, visit the official website.