Russia: Sberbank and Interros Group Conclude Blockchain-Based Foreign Exchange Repo Deal

Interros Group and Sberbank in partnership have carried out an OTC foreign exchange repo deal on blockchain.

Sberbank and Interros Group have carried out an over-the-counter OTC foreign exchange repurchase agreement (repo) transaction employing smart contracts on a blockchain, Reuters Russia reports Nov. 30.

The Interros Group is a Moscow-based private equity firm founded by Russian oligarch Vladimir Potanin in 1990, with stakes in Norilsk Nickel, pharmaceutical company Petrovax Pharm, and ski resort development firm Rosa Khutor.

Head of global markets department and vice president at Sberbank, Andrei Shemetov, informed Reuters that the transaction is real, legally binding, and has been “concluded in electronic format using a smart contract and digital signatures through the IT platform of Sberbank.”

The aforementioned article also mentions that while Shemetov “did not disclose the scope of the…

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2018-12-01 13:11:00

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