Banking giant Sber is hoping to join forces with the Ethereum blockchain and the Metamask wallet. The Russian financial institution believes that this combination will provide users with more options to trade tokens and smart contracts.
Sber Bank to Provide Support for Ethereum and Metamask Access to its Proprietary Blockchain
The blockchain platform created by Russia’s largest bank, Sber, is compatible with Ethereum, the world’s largest decentralized finance (defi) ecosystem. This was announced by the lender during an international meeting of blockchain sector participants.
At the event hosted by the Sber Blockchain Laboratory, the bank revealed that developers will be able to move smart contracts or entire projects between their own and open blockchains. According to a press release, Sber’s integration with blockchain technology is made possible using Metamask, a popular cryptocurrency wallet that connects to Ethereum. This will allow users to use tokens and smart contracts hosted on its platform for operations.
Previously known as Sberbank, the bank received authorization from the Central Bank of Russia to become an issuer of digital financial assets in March of this year. Participants can create their own tokens or smart contracts through the platform. In September, the bank stated that they will also be able to issue non-fungible tokens, NFTs.
Smart contracts can be ordered using the bank’s information system. Although the platform was initially only accessible to legal entities, it has been confirmed that natural persons will be able to access the platform during the third quarter of 2022.
“The Sber Blockchain Laboratory works closely with third-party developers and partner companies, and I am pleased that our community will be able to run defi applications on the Sber infrastructure,” said Alexander Nam, the lab’s director. He is confident that Web3 will spur demand for platforms that can support various blockchain protocols. “Sber will be able to unite developers, corporations, and financial institutions both in the context of joint market research and in the course of creating practical business applications,” Nam added.
In the past year, Russian authorities have been studying a comprehensive legal framework for the legitimization of crypto activities such as mining and possibly cross-border payments using digital assets. During a conference hosted by Sber, Russian President Vladimir Putin called for the creation of an international payments system that utilizes blockchain and digital currencies.
Are there any other banks that are looking to combine their blockchain platforms with open networks? Let us know in the comments section below.
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