VTB Bank conducted a transaction on the Russian blockchain worth ₽392 million

VTB Bank conducted a transaction on the Russian blockchain worth ₽392 million
CONTENT

  • VTB sagged with MTS a deal on the blockchain in the amount of ₽392 million

  • VTB predicts the emergence of a unified digital field for document flow

  • Sberbank is skeptical about national blockchain development

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VTB together with MTS issued a bank guarantee based on the Masterchain blockchain in the amount of 392 million rubles

VTB Bank conducted a transaction on the Russian blockchain worth ₽392 million

VTB Bank, in cooperation with MTS, carried out a transaction to issue a bank guarantee using the domestic Masterchain blockchain. The bank reported this on its website.

It is reported that VTB, using the blockchain, was able to issue a guarantee for the fulfillment of payment obligations in the amount of ₽392 million in favor of MTS. VTB issued a digitally signed guarantee and MTS acted as the host.

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The bank notes that the deal became possible thanks to the joint work of VTB and the FinTech Association.

Single digital field

Senior Vice President of VTB Bank Konstantin Savelyev said that soon Masterchain will form the basis of a single digital field for document circulation in Russia.

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“The partnership between our clients and the bank, the willingness to participate in the development of digital products in the Russian Federation made it possible to start using the Digital Bank Guarantee software package this year,” Saveliev said..

VTB Bank conducted a transaction on the Russian blockchain worth ₽392 million

However, VTB is not the first Russian bank to issue a bank guarantee through Masterchain. In January 2019, Absolut Bank reported on the issue of a digital bank guarantee on the Masterchain. Then the guarantee was issued to the ITAN company for the supply of food.

Read also: Rostec has estimated the development of blockchain in Russia at RUB10 billion

It is noteworthy that Sberbank, on the contrary, criticized Masterchain, citing its inefficiency and low level of security in comparison with foreign counterparts..

How blockchain can solve the problem of fake news in 2021 – read in a special material from BeInCrypto.

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