The biggest Russian bank has integrated the Ethereum blockchain into its blockchain platform, marking its entry into the DeFi and Web3 markets.
Sber made a formal announcement about the expansion of its private blockchain platform on November 30. The announcement detailed the platform’s ability to interact with Ethereum smart contracts and other applications.
New to Sber is compatible with the popular cryptocurrency wallet program MetaMask, which may be used to transact on the Ethereum network. According to the release, thanks to the integration, users of Sber’s blockchain platform will be able to do actions involving tokens and smart contracts.
Alexander Nam, director of the Sber Blockchain Lab, expressed his delight at the prospect of having the community’s DeFi apps operate on Sber’s infrastructure, citing the lab’s tight collaboration with external developers and partner firms.
He said that with the additional additions, Sber would be able to bring together programmers, enterprises, and financial institutions to investigate the real-world commercial uses of blockchain, Web3, and decentralized finance.
According to reports, Sberbank has been working hard on blockchain products recently, and the bank has even applied to the Bank of Russia to build a blockchain platform for its “Sbercoin” stablecoin in early 2021. It wasn’t until June of 2022 that Sber launched its first digital currency trade, after authorization from the central bank in the previous spring.
With a controlling stake of 50.1%, the Russian government is Sber’s single largest stakeholder. At the end of November, Russian legislators considered possible changes to the legislation that would allow the government to start a national crypto exchange.
The Bank of Russia and the Ministry of Finance, who are at odds over how to regulate the domestic cryptocurrency sector, apparently back this initiative.
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