certify
Home arrow Article arrow Article Detail

Russian bank infuses metamask into its blockchain

Profile Image

Joyashree Dey Follow

INDIA

Dec, 06 2022

Dec, 06 2022

likes | comments 0

Article Image

On November 30, Russia’s largest bank Sber — formerly known as Sberbank announced that its newly created blockchain platform will be integrated with the Ethereum blockchain.


According to Sber’s official statement, there would be new opportunities for its proprietary blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. As per the bank, this would enable developers to move complete projects and smart contracts between Sber's blockchain and open blockchain networks.


The most recent Sber upgrades also include interaction with MetaMask, a well-known cryptocurrency software wallet that is used to interact with the Ethereum network. The connection, per the announcement, enables users to execute operations utilising tokens and smart contracts created on Sber's blockchain platform.


Sber Blockchain Lab works closely with external developers and partner companies, and I am glad that our community will be able to run DeFi applications on Sber's infrastructure,” head of blockchain lab Alexander Nam said. Thanks to the newly integrated capabilities, he claimed, Sber would be able to unite developers, companies, and financial institutions to look into real-world business applications for blockchain, Web3, and decentralised finance.


A blockchain platform for Sberbank's "Sbercoin" stablecoin is set to arrive in early 2021, as was previously announced. Sberbank has been actively developing blockchain technologies in recent years. After receiving approval from the central bank in the spring of 2022, Sber announced its first trade in digital currency in the summer of that year.


Sber made its proposal soon after Russian President Vladimir Putin asked for an open blockchain-based settlement network. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.