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Russian bank infuses metamask into its blockchain

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Joyashree Dey Follow

INDIA

Dec, 06 2022

Dec, 06 2022

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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. 


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Joyashree Dey

CBW - External Analyst

INDIA

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