GPB Digital, the digital arm of Gazprombank, Russia’s third largest bank, has signed a memorandum concerning a strategic partnership with Waves, the crypto-platform for asset/custom token issuance, transfer, and trading on blockchain.
After initial hesitancy concerning bitcoin and blockchain, Russia is now embracing the new suite of technologies — and Waves has been at the forefront of that movement.
Most recently, Gazprombank Digital, the digital division of the well-known bank, has entered into a partnership aimed at providing clients with comprehensive initial coin offering (ICO) services and customized blockchain solutions — specifically tailored for the Russian metals and mining sector.
Gazprombank is the third largest bank in the Russian Federation, with over 260 outlets and a presence in the Belarusian and Swiss markets too. Waves will provide solutions for the introduction of innovative digital financing mechanisms, whilst GPB Digital will focus on developing financial technology solutions and — critically — bringing them to a mainstream banking client base, including corporate and investment banking customers.
“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.”
Under this agreement, GPB Digital will communicate and promote the long-term advantages of the innovative ICO financing mechanism to companies in the real-world (rather than digital) sector of the Russian economy, starting with metals and mining. In addition, one of the key objectives is to raise the quality of projects offered to ICO investors, bringing the standards of financial analysis and risk disclosure closer to the ones qualified investors traditional financial instruments expect.
Waves founder and CEO Sasha Ivanov said:
“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.”