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Vnesheconombank to help charity funds raise contributions via blockchain

10 august 2017 года
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Vnesheconombank is introducing blockchain into charity. In cooperation with international blockchain experts, the Bank has launched a digital wallet for the Joy of Old Age Charity and effected the first transaction in the Ethereum globally familiar Ether cryptocurrency.

The first charity contribution of 1 Ether (about RUB 16,500) was made by Vladimir Dyomin, Adviser to Vnesheconombank Chairman and Head of the Center of Competencies for New Materials and Breakthrough Technologies with a Primary Focus on Blockchain.

“Making a donation, we are usually unaware of what it will be spent on and whether it will get to the needy in time. Unfortunately, this fact may suppress many generous impulses. Using cryptocurrencies in various fields of activity is a modern trend, with the global capitalization amounting to approximately USD 140bn. However, for VEB, blockchain-based ‘crypto-charity’ is not a fashion statement but rather an instrument to ensure a speedy transfer of funds and absolute transparency of the system. Each digital coin is assigned a number to track a donation from the moment it is remitted to a charity organization’s digital wallet to the toys or medicine bought with this money for children’s homes or hospitals. Furthermore, many of the cryptocurrency users don’t know yet how to spend it or have no opportunity to spend it where they live. So, blockchain can help raise contributions from alternative sources,” said Gleb Yun, Vnesheconombank Senior Vice-President.

Vnesheconombank sees the introduction of blockchain into charity as a logical continuation of its joint projects with the Joy of Old Age Charity. The volunteer movement in Russia needs active support from both the government and business community. Charity contributions are the most popular instrument to help those in need. VEB, with its competence in blockchain, has adopted a fresh approach to charity by making contributions trackable.

“We appreciate our cooperation with Vnesheconombank. Firstly, the Bank has its own experience of participation in volunteer projects and, consequently, shows a thorough understanding of our problems. Secondly, the Bank, as Russia’s leading development institution, introduces innovations and follows the latest trends, particularly in the social sphere. A joint initiative of the Joy of Old Age Charity and VEB has provided the charity with an additional alternative source of contributions,” commented Elizaveta Oleskina, Director of the Joy of Old Age Charity.

In 2016, VEB launched the Never Too Old to Dream volunteer project. As part of the project, more than 500 Vnesheconombank employees help people at homes for the elderly in the Tula, Tver, and Moscow regions, on a regular and voluntary basis.


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E-mail: press@veb.ru


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