Coindesk Logo

Russian Payments Firm QIWI Joins R3 Blockchain Consortium

Russian Payments Firm QIWI Joins R3 Blockchain Consortium

Russian Payments Firm QIWI Joins R3 Blockchain Consortium

Russian payments firm QIWI has joined the R3 blockchain consortium.

Russian payments firm QIWI has joined the R3 blockchain consortium.

Russian payments firm QIWI has joined the R3 blockchain consortium.

AccessTimeIconOct 14, 2016, 2:03 PM
Updated Aug 18, 2021, 5:18 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Russian payments firm QIWI has joined the R3 blockchain consortium.

Announced earlier this week, the move is the latest for the firm that made waves earlier this year when it announced its plans to pursue the creation of a digital currency. QIWI has since outlined how it plans to potentially replace aspects of its core infrastructure using the technology, a process that it said could play out over the next five years.

In statements, the company expressed hope that some of the in-house projects it has developed can be applied to some of work being conducted among R3's global banking membership.

QIWI CEO Sergey Solonin was quoted as saying:

"We believe that blockchain projects that we are currently working on can be applied on one of the R3 platforms and have great potential to be favorably perceived by regulated financial institutions."

Launched last year, the R3 consortium has more than 60 financial institutions among its ranks. To date, members have pursued a series of distributed ledger tests focused on areas like trade finance and the exchange of commercial debt.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.