The cryptocurrency ecosystem in Russia has probably grown accustomed to working amidst uncertainties surrounding digital currency regulations. Various government agencies have a different take on Bitcoin and other digital currencies, but the implementation of blockchain technology is being looked upon in a favorable light by all the agencies involved.
Starting with the creation of a consortium of banking and financial institutions for standardization of blockchain-based applications, the industry has reached a new landmark. In a recent update, Russia’s central securities depository — National Settlement Depository (NSD) is looking forward to implementing blockchain technology into its operations. In order to achieve this, NSD has already inked a partnership with iCoinSoft Exchange Platform, a white-labelled cryptocurrency exchange solutions provider.
As per the partnership, iCoinSoft will be working on creating a “boxed solution” for development and circulation of digital assets. The endeavor is said to be part of the Higher School of Economics Business Incubator’s HSE Fintech Program. The boxed solution created by iCoinSoft in association with NSD will include support to existing crypto assets as well as the upcoming ones.
NSD’s Director of Innovations, Artem Duvanov was quoted by a business publication saying,
“The HSE’s business incubator created a great site that helps beginners in the Fintech sphere utilize the experience and expertise of major players for the industrial implementation of their ideas. Supporting young Fintech teams is a strategic area of our work, and the iCoinSoft project that NSD chose to mentor has a chance to become a significant platform in the global market for technological solutions in the financial world.”
iCoinSoft’s platform is expected to reduce the time required by any new platform for entering the new market to just two weeks, which otherwise will take months. With the NSD’s support, both Russian financial infrastructure and iCoinSoft stands to gain from advancements in cryptocurrency technology.
Ref: IBT | Image: Shutterstock