Russia’s Sber bank integrates Metamask into its blockchain platform

Russia’s largest bank Sber — formerly referred to as Sberbank — continues developing its blockchain platform by integrating it using the Ethereum blockchain.

On November. 30, Sber officially announced new possibilities because of its proprietary blockchain platform, including compatibility with smart contracts and applications around the Ethereum network. This could allow developers to maneuver smart contracts and whole projects between Sber’s blockchain and public blockchain systems, the financial institution stated.

Sber’s latest additions also bring an integration with major software cryptocurrency wallet MetaMask, which is often used to have interaction using the Ethereum blockchain. The combination enables users to create operations with tokens and smart contracts put on Sber’s blockchain platform, the announcement notes.

“Sber Blockchain Lab works carefully with exterior developers and partner companies, and i’m glad our community can run DeFi applications on Sber’s infrastructure,” mind of blockchain lab Alexander Nam stated. He noted the recently integrated features can help Sber to unite developers, corporations and banking institutions to understand more about practical business applying blockchain, Web3 and decentralized finance.

As formerly reported, Sberbank continues to be positively developing blockchain products recently, filing a credit card applicatoin using the Bank of Russia to launch a blockchain platform because of its “Sbercoin” stablecoin at the begining of 2021. After finding the central bank’s approval in spring 2022, Sber finally announced its first digital currency deal in June. Sber’s majority shareholder may be the government of Russia, holding 50% + 1 share.

Sber’s announcement came soon after Russian President Vladimir Putin known as to have an open blockchain-based settlement network. He belittled the monopoly in global financial payment systems, expressing confidence that digital currencies-based technology will drive independence from banks. Simultaneously, Putin’s government doesn’t allow its citizens to make use of crypto as payment, putting a blanket ban on payments with Bitcoin (BTC) at the begining of 2020.

Related: Telegram founder really wants to build new decentralized tools to combat power abuse

At the end of November, Russian lawmakers also discussed potential legal amendments to ensure that the federal government to launch a nationwide crypto exchange. This efforts are apparently supported both through the Secretary of state for Finance and also the Bank of Russia, which are recognized for getting lots of disagreement with regards to controlling the neighborhood crypto market.

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