Russia’s Sber Bank Targets Blockchain Integration With Ethereum And Metamask – Financial Bitcoin News

Banking giant Sber wants to integrate its blockchain platform with Ethereum blockchain and Metamask wallet. The Russian bank believes that the integration will give developers more options and create new opportunities for users during transactions with tokens and smart contracts.

Sber Bank will provide support for Ethereum and Metamask on its proprietary blockchain

The blockchain platform developed by Sber, Russia’s largest bank, will be technologically compatible with Ethereum, the world’s largest decentralized financial (defi) ecosystem. The financial institution announced this during an international meeting with members of the blockchain industry.

At an event organized by Sber Blockchain Lab, the lender explained that the integration will allow developers to freely transfer smart contracts and entire projects between their blockchain and open blockchain networks.

According to the press release, the Sber blockchain will also support integration with Metamask, a popular cryptocurrency wallet that interacts with Ethereum, allowing users to transact with tokens and smart contracts placed on the bank’s platform.

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

Integration with the bank’s information systems allows ordering payments under smart contracts in Russian rubles. The platform was initially open only to legal entities, but according to previous announcements, individuals will also be granted access in the last quarter of 2022.

“Sber Blockchain Lab works closely with foreign developers and partner companies, and I’m glad that our community will be able to run defi programs on Sber’s infrastructure,” Alexander Nam, director of the lab, quoted.

The executive is sure that with the rapid development of Web3, the demand for platforms supporting various blockchain protocols will increase. “Sber will be able to connect developers, corporations and financial institutions both in the framework of joint market research and in the development of practical business applications,” added Nam.

Last year, Russian authorities considered a more comprehensive legal framework that would legalize some cryptocurrency activities, such as mining and possibly using crypto assets for cross-border payments. At a conference organized by Sber, Russian President Vladimir Putin called for the creation of a new system for international settlements based on blockchain and digital currencies.

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Bank, Banking, Blockchain, blockchain platform, Ethereum, Financial Institutions, integration, Open Blockchain, proprietary blockchain, Russia, Russian, SBER, Sber Bank, Sberbank, Services, Smart Contracts, Tokens, users, Wallet

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

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes to quote Hitchens: “Being a writer is more about who I am than what I do.” Along with cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

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