UPDATE (31st August 16:30 BST): The title has been altered to reflect new information released today that retracts statements from the bank’s original release. The rest of the article remains unchanged.

The non-profit dedicated to supporting development of the ethereum protocol has signed a partnership with Russian state-owned development bank Vnesheconombank (VEB).

Announced in a joint statement yesterday, the Ethereum Foundation will work together with the VEB to support its new blockchain research center, providing specialist training for distributed ledger technology and the ethereum platform.

The partnership hopes to help foster a community of ethereum experts within Russia and to assist the formation projects based on ethereum and other blockchain.

Ethereum founder Vitalik Buterin said in statements:

“Cooperation between Ethereum and VEB gives a unique opportunity to engage in research and development on the use of blockchain technology for public administration and accelerate the adaptation of this technology to government organizations in the Russian Federation,”

The official partnership signing took place at a blockchain event in Tatarstan this weekend called “Blockchain: The New Oil of Russia.” Senior officials from VEB are in attendance, as well as Buterin, who spoke at the event.

The partnership is part of a series of steps that Russia are taking towards blockchain implementation nationwide.

Image Credit: Vnesheconombank Press Office