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Qiwi Analysts: Russian Blockchain Startup Market To Cost $60.5 Mln In 2019

14:02 12/10/2018

According to Qiwi Blockchain Technologies (QBT) owned by the Russian digital payment service Qiwi, in 2019, the local market of blockchain business solutions will cost 4 billion rubles, or around $60 million. According to Qiwi information director, Konstantin Koltsov, analysts expect a nearly threefold increase in value of the Russian startup market, ForkLog reports.


To date, 40 companies in Russia have launched their blockchain projects. While 80% of them are developed by large fintech companies, the rest belongs to small and medium-sized businesses.


As the researchers calculated, the market of blockchain development in 2018 is worth $22.7 million. Next year, the cost of Russian projects may grow 2.7 times, to $60 million.


At the same time, Russian companies spend on average less than $450 million to develop and launch a blockchain project. The most popular fields for Russian blockchain startups are logistics and supply chains, banking services and finance, as well as payment systems.


Earlier this year, Qiwi announced the launch of HASH, the first crypto investment bank in Russia, to work with investors. The financial institution will manage clients’ ICOs, support them in launching their own blockchain networks, and provide trading services. As Konstantin Koltsov noted, the work of HASH and its holding ICO will be beneficial, since Russian banks are under international sanctions and face financial problems.


Previously, the local branch of Raiffeisenbank issued a mortgage on Russian Masterchain blockchain.

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