Share this article
Payments Firm Qiwi Wants to Launch Russia's R3CEV
Russian payments provider Qiwi has revealed it wants to launch a domestic blockchain consortium.
By Pete Rizzo
Updated Sep 11, 2021, 12:14 p.m. Published Apr 20, 2016, 3:08 p.m.
Russian payments provider Qiwi has revealed it wants to launch a domestic blockchain consortium it compared to the 44-member banking consortium R3CEV.
In statements today, Qiwi CTO Alexei Arkhipov expanded on his company’s work with blockchain tech, reiterating how the company has developed its own prototypes for payments processing. Originally nicknamed ‘BitRuble’, the project caused concern among local regulators, who have been moving to formally ban the use of blockchain-based digital currencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Arkhipov, however, said that sentiment regarding the technology is now changing, and that Qiwi is looking to create a consortium of regional banks, financial institutions and enterprise businesses that could band together to further explore the emerging technology.
Arkhipov said:
"We see that the debate on the blockchain in Russia has become more substantive and constructive. By creating a consortium similar to R3 ... many companies will have the opportunity not only to investigate but also to test existing prototypes."
If successful, the effort would mirror similar work underway globally. For example, the Dubai government announced the creation of the Global Blockchain Council (GBC) in May, a 30-member group of tech businesses, startups and government agencies.
To date, R3 has been perhaps the most visible of these efforts, uniting 44 global financial institutions on trials that have so far replicated commercial paper trading and trialed private versions of blockchain technology from the Ethereum project.
Qiwi logo image via Facebook
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
