Vnesheconombank (VEB) has clarified that it has entered into an agreement with “Ethereum Russia” not “Ethereum Foundation” as suggested earlier.

Ethereum Russia is a newly created entity, founded by Ethereum founder Vitalik Buterin and Vladislav Martynov, CEO of Yota Devices, a Russia-based mobile communication and device connectivity company, CoinDesk reported.

"We signed, not a partnership, a kind of collaboration agreement ... where we, and when I say we, it's Ethereum Russia, the company which is founded by Vitalik and myself, we provide, we provide specific support, we took a commitment to provide specific support to the bank,” Martynov told CoinDesk.

Further clarifying the difference between Ethereum Russia and Ethereum Foundation, Martynov said that while the Foundation must be free from conflicts of interest, other variations can collaborate with government and other bodies.

Ethereum Russia will help support the development of new blockchain research center at the National University of Science and Technology (MISIS).

VEB organized an open conversation about the blockchain technology with Vitalik Buterin and Vnesheconombank Chairman Sergey Gorkov on August 30, 2017. The event was held at the Competence Center which will be launched in the near future.

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