Russia’s VTB Pilots A New Blockchain-Based System To Issue Bank Guarantees
VTB, Russia’s second-largest bank, has piloted a new blockchain-based system to issue bank guarantees. It has been reported that VTB provided a blockchain-enabled bank guarantee to the country’s largest mobile cellular network provider, MTS. However, as part of the development, the bank issued MTS a guarantee for the fulfillment of payment obligations worth 392 million rubles, or $5 million. The commercial operation implemented Masterchain, an Ethereum-based blockchain protot