Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask – Finance Bitcoin News

Bank giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and Metamask wallet. The Bank of Russia believes that the integration will provide developers with more options and create new opportunities for users when working with tokens and smart contracts.

Sber Bank Offers Ethereum and Metamask Support on Exclusive Blockchain

The blockchain platform developed by Sber, Russia’s largest bank, will be technologically compatible with Ethereum, the world’s largest decentralized finance (challenge) Ecosystem. The financial institution made the announcement during an international meeting with members of the blockchain industry.

During the event hosted by the Sber Blockchain Lab, the lender explained that the integration will allow developers to freely transfer smart contracts and entire projects between the private blockchain and the blockchain network. open.

According to one Press ReleaseThe Sber blockchain will also support integration with Metamask, a popular cryptocurrency wallet used to interact with Ethereum, whereby users will be able to perform operations with tokens and smart contracts. stored on the bank’s platform.

Sber, formerly known as Sberbank, created its blockchain after receiving authority from the Central Bank of Russia to act as an issuer of digital financial assets in March of this year. The platform allows participants to create their own tokens and smart contracts. September, bank speak it will also allow them to issue non-fungible tokens (NFTs).

Integration with the bank’s information systems makes it possible to request payments under smart contracts in Russian rubles. The platform is initially only open to legal entities, but according to previous statements, individuals will also be granted access in the final quarter of 2022.

“Sber Blockchain Labs works closely with external developers and partner companies, and I am delighted that our community will be able to run defi applications on top of Sber infrastructure. ,” said laboratory director Alexander Nam.

The CEO believes that the demand for platforms that support different blockchain protocols will increase with the rapid growth of Web3. “Sber will be able to unite developers, corporations and financial institutions both within the framework of joint market research and during the development of real business applications,” added Nam.

Over the past year, Russian authorities have pondered over a more comprehensive regulatory framework that would legalize a number of crypto activities such as mining and possibly the use of crypto assets for cross-border payments. During a conference organized by Sber, Russian President Vladimir Putin urge to establish a new system for international settlements based on blockchain and digital currency.

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Do you know of other banks looking to integrate their blockchain platforms with open blockchains? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is who I am, more than what I do.” Besides cryptocurrencies, blockchain and financial technology, international politics and economics are two other sources of inspiration.

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