Gazprom, the Russian state-owned oil and gas giant, has launched blockchain-based digital financial assets (DFAs). This marks Gazprom’s entry into Russia’s growing DFA market, aiming to leverage blockchain technology for innovative financial products. The launch, facilitated by Gazprombank, involves digital tokens valued at around 2 billion rubles ($23.5 million) with an annual yield of 21%. Issuance occurred on March 31, with maturity on May 13.
Gazprom’s DFAs are accessible to retail investors, broadening the scope of blockchain-powered financial products and enhancing inclusivity in Russia’s financial sector. The tokens are issued through the Moscow Exchange’s DFA platform, ensuring a transparent and regulated investment via tokenized monetary claims. This follows similar moves by other state-backed firms, including Rostelecom.
The regulation of DFA platforms in Russia is conducted by the Central Bank, which authorizes information system operators (ISOs). A prominent player in this market is Atomyze, a blockchain platform under the Hyperledger Fabric framework associated with Norilsk Nickel. A recent Sberbank report highlighted Russia’s DFA market growth, with trading volumes reaching 684 billion rubles ($8 billion). Sberbank also introduced an index-based DFA that tracks global cocoa prices.
Gazprom is also active in blockchain and cryptocurrency ventures, establishing a crypto mining subsidiary and developing a large-scale mining center in Veliky Novgorod. The mining center, expected to house 5,000 mining rigs, reflects Gazprom’s significant investment in crypto mining initiatives.
Gazprom’s move into digital finance through DFAs underscores its commitment to innovation and financial inclusion. By involving retail investors and institutional stakeholders, the company highlights the transformative potential of blockchain technology in financial markets. This trend among state-backed entities is likely to accelerate, impacting Russia’s broader financial ecosystem significantly.
