Russia’s largest bank has connected its blockchain platform with Ethereum Blockchain to expand its operations in the decentralized finance industry and web 3.
Sber, Russia’s largest financial institution and once known as Sberbank, continues to enhance its blockchain platform through the merging of it with the Ethereum blockchain.
Sber announced new potential for its proprietary Blockchain technology on November 30th. One of these possibilities is interoperability among apps and smart contract that run on Ethereum.
According to the bank this would make it possible to transfer smart contracts or whole projects between Sber’s blockchain and public networks of blockchain.
Sber’s most recent update includes interaction with MetaMask, a prominent software cryptocurrency wallet. This wallet can be used to interact with the Ethereum network.
According to the release, this connection allows users to perform activities using tokens or smart contracts that have been deposited onto the Sber blockchain network.
He stated that the new features would aid Sber in unifying developers, financial institutions, and enterprises to examine the commercial potential of blockchain, Web3, decentralized finance, and other technologies.
Sberbank, according to reports, has been hard at work creating blockchain products for the past several years. Sberbank just submitted a request to the Bank of Russia to create a blockchain platform to support its stablecoin “Sbercoin”, in the first part of 2021.
Sber delayed the public announcement of its first digital currency transactions until June 2022 after receiving authorization from the central bank in spring 2022.
Sber is owned by the Russian government at 50% and one share, making it the largest stakeholder.
Sber made the proposal shortly after Vladimir Putin, Russian President, requested an open network for settlements using blockchain technology.
Putin’s administration also doesn’t allow its citizens to use cryptocurrency as a payment method. It plans to ban all bitcoin payments beginning in 2020.
Late November saw Russian lawmakers debate the possibility to amend the law in order to enable the government’s operation of a national cryptocurrency trading platform.