“Misunderstanding”: Vitalik Buterin creates new unit for the Russian bank deal

New information about the relationship between the Russian state development bank Vnesheconombank (VEB) and the Ethereum founder Vitalik Buterin emerges.

The VEB was first reported as a partnership where the state bank would work directly with the Ethereum Foundation, the nonprofit organization for which Buterin acts as a council. It has confirmed that it will withdraw any public statements on the matter.

According to Buterin and the VEB, an agreement has actually been reached with a new entity, Ethereum Russia, which is being created for the partnership. In statements to CoinDesk, Buterin called the press release published yesterday a “misunderstanding”.

The new company is founded by Buterin and Vladislav Martynov, CEO of Yota Devices, a Russia-based mobile communications and connectivity device company.

Maryynov told CoinDesk:

“We signed some kind of cooperation agreement, not a partnership, in which we and when I say it’s Ethereum Russia, the company founded by Vitalik and me that we offer, we offer specific support that we are committed to targeting the bank support. “

According to Martynov, Ethereum Russia will provide VEB education, events, and architectural reviews, while also supporting the development of the new center for blockchain research at the National University of Science and Technology (MISIS). The new center is funded by the bank and is designed to provide solutions for government services.

Martynov made it clear that the difference between Ethereum Russia and Ethereum Foundation is that while the foundation must remain “pure” and free of conflicts of interest, other variants can work with government and corporate bodies.

Vitalik Buterin image via YouTube

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