Vnesheconombank (VEB) has announced that its centre of blockchain competencies and digitalization – Blockchain Commune – has become a resident of Crypto Valley, a leading centre for blockchain technology development.

Vnesheconombank's Chairman Sergey Gorkov and the founders of the Association held a meeting in Zug, Switzerland, to discuss the framework and the new opportunities for future cooperation.

According to the official release, the cooperation is aimed at sharing experience in the regulation of the crypto-economy as well as the integration of Russian partners into the educational programs of Crypto Valley. The parties are also considering technological collaboration which will help Russian experts to gain knowledge about international best practices suitable for Russia, while Crypto Valley residents will receive support for entry into the promising Russian market.

"Crypto Valley is a stronghold of crypto-technology and the world's most advanced blockchain ecosystem. I am confident that our partnership will give a new impetus to the development of the global blockchain technology ecosystem and will help Russia to become a world leader in digitalisation," Gorkov said.

Vnesheconombank established the blockchain competence centre last year. The center focuses on exploring innovative technologies, developing platforms for their use in government organisations, and on training specialists.