Russia’s Sberbank and Rosseti Partner to Power Blockchain Technology Innovation

Russia’s Sberbank Partners Power Giant Rosseti

Sberbank, one of Russia’s state-owned banks has announced its partnership with state-owned power giant, Rosseti, to drive technological innovations.

According to the bank, the partnership will see both institutions team up to several projects across various sectors including education and accelerators.

To kickstart the partnership the bank is to send a consultant to Rosseti with the aim of “increasing the efficiency of its current operations and performance.” The energy company will also get access to a bank of “innovative laboratory developments” and products from the Sberbank ecosystem.

According to Sberbank CEO Herman Gref, the strategic partnership between Sberbank and Rosseti in the innovative growth field allows both companies to use the very latest technologies to transform their business and client satisfaction.

Despite a growing level of uncertainty about the adoption of cryptocurrencies in Russia, the government has pledged full support for blockchain, recording it debut government-level implementation of the technology in December 2017, various initiatives continue to surface from the country’s most influential entities.

Sberbank was one of a two-party initiative to launch Russia’s first cryptocurrency investment fund in July, having previously signaled interest in launching cryptocurrency trading for clients at its Swiss branch.