Not So Fast – Buterin-VEB Deal Not With Ethereum Foundation

Announcements, Blockchain, FinTech, News | August 31, 2017 By:

News that the Ethereum Foundation is partnering with Vnesheconombank (VEB) is not true, according to Vitalik Buterin.

Instead of a partnership with the Ethereum Foundation, the Buterin-VEB relationship is now described as a collaboration between the bank and Ethereum Russia, an entity being created specifically for the deal.

The Ethereum Foundation is a Switzerland non-profit. Non-profits typically have strict rules on dealings and do not partner with commercial entities.

Buterin reportedly called a previous press release describing the VEB partnership as “a misunderstanding.” The VEB said it would be issuing a retraction on its previous announcement.

The Ethereum Russia entity is founded by Buterin and Vladislav Martynov, the CEO of Yota Devices, a Russian mobile communications company.

The previous agreement was reportedly signed by ethereum co-founder Buterin and Vnesheconombank Chairman Sergey Gorkov, with the entities working towards distributed ledger technology related initiatives at Vnesheconombank’s Competence Center.

The competence center will be located at the National University of Science and Technology in Moscow and is scheduled to open next month.