Russia’s largest lender moves into DeFi and Web3 by integrating its blockchain platform with the Ethereum blockchain.
Russia’s largest bank Sber – formerly known as Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.
On November 30, Sber officially announced new features for its commercial blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. The bank said it will allow developers to move smart contracts and entire projects between Sber’s blockchain and public blockchain networks.
Sber’s latest addition integrates with MetaMask, the main cryptocurrency software wallet used to interact with the Ethereum blockchain. The integration allows users to perform operations using tokens and smart contracts placed on Sber’s blockchain platform, the release notes.
“Sber Blockchain Lab works closely with external developers and partner companies, and I am happy that our community can run DeFi applications on Sber’s infrastructure,” said Blockchain Lab Head Alexander Nam. He noted that the new integrated functions will help Sber bring together developers, corporations and financial institutions to explore practical business applications of blockchain, Web3 and decentralized finance.
As previously reported, Sberbank has been actively developing blockchain products in recent years, and in early 2021 submitted an application to the Bank of Russia to launch a blockchain platform for the Sbercoin stabilizer. After receiving central bank approval in spring 2022, Sber finally announced its first announcement. Digital currency contract in June. Sber’s majority shareholder is the government of Russia with a 50% + 1 share.
Advertisement
Crypto AI platform delivers an average of 17 successful alerts every month in 2022
Sber’s announcement comes shortly after Russian President Vladimir Putin called for an open blockchain-based settlement network. He criticized monopolies in global financial payment systems, expressing his belief that technology based on digital currencies would promote independence from banks. Meanwhile, Putin’s government does not allow citizens to use crypto as payment, imposing a complete ban on bitcoin payments.
BTC
Tickers down
$22,929
In early 2020.
RELATED: Telegram Founder Wants to Build New Decentralized Tools to Fight Abuse of Power
In late November, Russian lawmakers also discussed possible legislative changes to allow the government to launch a national crypto exchange. The effort is reportedly backed by the Ministry of Economy and the Bank of Russia, which are known to be at odds over regulating the local crypto market.
Delivered every Thursday
Subscribe
Our Crypto Biz Newsletter
email address
Subscribe
By subscribing, you agree to our
Terms of Use and Privacy Policy
#blockchain
#Cryptocurrencies
#Russia
#banks
#Ethereum
#Sberbank
#metamask
Related news
What is Total Value Locked (TVL) in Crypto and why is it important?
What is Total Value Locked (TVL) in Crypto and why is it important?
Advertisement
Exploring the Potential of Web3 Telecom: A Look to the Future
Crypto Adoption Through Regulation: Setting the Rules for Centralized Exchanges
Crypto Adoption Through Regulation: Setting the Rules for Centralized Exchanges
Two major Russian banks will offer crypto-based funds to retail investors
Two major Russian banks will offer crypto-based funds to retail investors
Head of Russia’s top bank: State will retain “central role” in issuing money
Head of Russia’s top bank: State will retain “central role” in issuing money
Russia: CEO of banking giant Sberbank says blockchain technology will be “ready” in 3-5 years.
Russia: CEO of banking giant Sberbank says blockchain technology will be “ready” in 3-5 years.
Gareth Jenkinson
Garrett Jenkinson
01 December 2022
Demand for liquid Ethereum staking options continues to grow following the merger
According to blockchain data, demand for liquid Ethereum payment options has been increasing in the months since the merger.
11605
Total views
23
Total Shares
Listen to the article
2:55 p.m
About the NEWS merger
