AIFC and 5EL SA agreed to jointly develop blockchain initiatives

2 November, 2017 20:26

The international financial center "Astana" and 5EL SA signed a memorandum of cooperation, and agreed on the development and operation of a blockchain hub of innovations in Kazakhstan. As part of the document, the sides also intend to develop a blockchain initiative under the name "Bright Chain".

The purpose of this initiative is to attract and support developers of technologies and companies that are interested in the development, operation and commercial application of blockchain technologies in the financial, trade and logistics spheres, the press-service of the AIFC informed.

5EL SA intends to locate the subsidiary company of the 5EL Blockchain Lab in Astana and, thus, to assist the AIFC in the creation and operation of a productive ecosystem of innovation and commercial application of distributed technologies, stimulating the growth of international competitiveness, both of the AIFC and of resident companies.

"5EL Blockchain Lab is proud to enter into a long-term partnership with the International Financial Center "Astana", which will allow the commercial use of blockchain technologies in global markets and financial flows within Kazakhstan, and will help AIFC create a global competence center in this promising technology area", Chairman of 5EL SA Serge Umansky.

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