Share this article
Russia's Vnesheconombank Reveals Blockchain Product Strategy
A state-owned development bank in Russia has revealed its plans for launching products built around blockchain.
By Stan Higgins
Updated Sep 11, 2021, 1:24 p.m. Published Jun 1, 2017, 2:00 p.m.
A state-owned development bank in Russia has revealed its plans for launching products built around blockchain.
Vnesheconombank, an institution backed by the Russian government, is focusing its efforts on the areas of project management and supply chain finance, according to a report by Sputnik International. The publication quoted Vnesheconombank's chairman, Sergey Gorkov, who appeared this week at the St Petersburg International Economic Forum.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
What they're doing: Gorkov's comments, as quoted, reveal a kind of two-prong approach: developing institutional knowledge and pursuing applications – trade finance in particular – that have captured the attention of a wide range of financial firms worldwide.
Here's how Gorkov framed the bank's project management initiative, according to Sputnik:
"When we started to think about how to manage projects efficiently, we realized that there is no platform. Everything that we had became obsolete. We realized that the blockchain is a good fundamental and qualitative platform for the future."
He said that the bank had since pursued a pilot project centered around the use case, with further iterations to follow.
"We are launching the first prototype in terms of project management this fall," he told the publication.
Why it matters: That a state-backed bank in Russia is moving to launch services around the tech is a notable one – but perhaps not an altogether surprising one given the pace of blockchain development in the country's finance sector.
The unveiling comes months after Russia's prime minister, Dmitry Medvedev, called for more research into the tech by a pair of government agencies. Government officials also said earlier this year that they expect to develop blockchain-specific regulations, looking to an introduction by 2019.
That work comes as Russia's central bank drafts new rules around bitcoin and digital currencies, with an eye to regulate them as kinds of digital goods.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
