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Cryptocurrencies

Qiwi creates blockchain subsidiary in Russia

Wednesday 8 March 2017 | 11:09 AM CET

Qiwi, a Russia-based payment service provider, has introduced a new company that aims to develop blockchain and consultancy services, as reported by Kommersant.

The subsidiary, called Qiwi Blockchain Technology, will create and implement blockchain solutions and provide consulting services to clients. Qiwi is reportedly investing nearly USD 1.7 mil in the new company for its 2017 operating expenses.

The announcement follows the company’s recent efforts to drive blockchain innovation in the country. In 2016, Qiwi joined the US-based financial innovation firm R3’s blockchain consortium. Also, the company signed a mutual memorandum, expressing its intention to join a consortium formed by leading companies in the Russian financial sector to explore and implement blockchain technology and its derivatives.

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