Large Russian Bank’s Subsidiary Launches Crypto for Internal Use

Russia’s Vnesheconombank launches crypto

Tue, 21/08/2018 - 13:28

Large Russian Bank’s Subsidiary Launches Crypto for Internal Use

Cover image via U.Today

The Digital Transformation and Blockchain Center belonging to the Russian Vnesheconombank has emitted VEB coins, as reported by the managing director of the Blockchain Center, Nikita Podstavkin.

The coins are not made to be mined, they are to be used for accounting customers’ funds and paying for services in the Blockchain Competence Center – e.g., booking meeting halls, renting working desks with equipment, etc

Podstavkin also mentioned that the coins will also be used in different loyalty programs in the future.

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Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.