Sberbank, Russia’s largest bank plans to join the R3-led international blockchain consortium, according to Russian media reports.
According to Kommersant, Sberbank, Russia’s biggest bank with over three times the net assets over its closest competitor is keen on joining the global consortium of 30 banks and financial institutions led by New York-based R3.
Sberbank deputy chairman Lev Khasis told Kommersant that R3 was created in order to develop protocols, standards and technology. and as soon as all this will be implemented, he believes they will be among the first to take part in it.
Lev Khasis added that although blockchain is the basis of the payment network Bitcoin, Sberbank has no current plans to release its own cryptocurrency.
“As far as I know, the position of the regulators has not changed, and that is continues to have a negative attitude on cryptocurrency. Blockchain, however, may be used by us for internal settlements and for transactions between our subsidiaries and other banks,” said Lev Khasis.
Despite hostility by the Russian government when it comes to Bitcoin they are apparently warm to Blockchain.
In the article Central Bank head Elvira Nabiullina explained that the bank prohibits only money surrogates, such as Bitcoin, but not their underlying technology. And the plan is that soon, the Russian Central Bank will establish a working group to study blockchain and that is plans to complete a study by June 2016.
Theoretically blockchain can take some of the political risks of the Savings Bank.
“When sanctions are administered, Russian banks are afraid that they may be disconnected from SWIFT. Using blockchain increases the reliability and stability of the bank, and can save them from political risks – as blockchain is a distributed system and it does not have a single manager, which therefore can be disconnected from the bank”, said the former deputy director of IT Home Credit Bank Cyril Kibalko.
- OpenLedger’s Apptrade (www.apptrade.io), the platform creating “Kickstarter for Apps on the Blockchain”, has received a $100,000 USD boost from OpenLedger ApS, the world’s first blockchain powered conglomerate. Powered by the digital token APPX, Apptrade creates portfolios, or groups, of apps, where if one of those apps becomes the next Instagram or Angry Birds, then the value of the portfolio rises. Ronny Boesing, CEO of OpenLedger ApS, explained that Apptrade’s initial token offering (ITO) changed its valuation in the middle of its crowd sale as an immediate response to the result of its preliminary offering. Boesing said, “The Apptrade platform is much too important to not succeed, and it was clear that we needed to adjust the valuation to make it more appealing to anyone deciding to participate. In addition, we wanted to show our belief in this project, and felt that there was no better way to show this than putting our money where our mouth is. OpenLedger will be adding a total of $100 000 USD to the Crowdsale over the next 7 days.” The minimum fundraising goal is $1M USD with a cap of $5M USD. With a total of 8.25M APPX tokens on offer, OpenLedger’s Apptrade ApS will back these tokens with 20% of the future revenue from the Apptrade platform, and any unsold tokens will therefore be distributed proportionally to all participants. All early bird participants, as well new participants, will receive the extra tokens according to the published Stage 1 structure, plus benefit from the additional tokens to be divided. Daniel Pineda, Founder of Apptrade says, “After listening carefully to feedback from public and private supporters, and with great consideration, we decided to update our master token valuation. We firmly believe that our platform, built on the ecosystem of OpenLedger and powerful BitShares financial trading technology, is a strong Blockchain project that will be a success for years to come. We feel that this is the right action to ensure a satisfactory outcome for all.” Apptrade’s final valuation is going to be based on the amount raised, whether $1M USD as its threshold or money back guarantee, or the maximum of $5M USD. The valuation of the Apptrade platform will be determined on what is raised. The deadline according to the escrow agreement is set to end on April 30 2017. Boesing continued, “This approach and change of valuation resulted from requests from within the community, and we hope to accommodate many more participants. But one thing is clear to all of the Early Birds – this is your lucky day!” - March 27, 2017
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