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The Sber bank of Russia incorporates Metamask into its blockchain platform

The Sber bank of Russia incorporates Metamask into its blockchain platform

The Sber bank of Russia incorporates Metamask into its blockchain platform

The largest Russian financial institution is entering DeFi and Web3 by linking its blockchain platform with Ethereum’s blockchain.

Sber, formerly known as Sberbank, the largest bank in Russia, continues to improve its blockchain platform by integrating it with the Ethereum blockchain.

Sber announced on November 30 new prospects for its proprietary blockchain technology, including compatibility with smart contracts and Ethereum network applications. The bank stated that this would enable developers to transfer smart contracts and whole projects across Sber’s blockchain and public blockchain networks.

The newest features to Sber include an integration with the popular cryptocurrency wallet program MetaMask, which interacts with the Ethereum network. According to the statement, the connection enables users to do actions with tokens and smart contracts stored 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. He stated that the newly integrated capabilities will assist Sber in bringing together developers, enterprises, and financial institutions to investigate the business uses of blockchain, Web3, and decentralized finance.

As reported earlier, Sberbank has been extensively developing blockchain products in recent years, filed an application with the Bank of Russia in early 2021 to build a blockchain platform for its “Sbercoin” stablecoin. After getting approval from the central bank in the spring of 2022, Sber reported its first digital currency transaction in June. The primary shareholder of Sber is the Russian government, which holds 50% + 1 share.

Shortly after Russian President Vladimir Putin advocated for an open blockchain-based settlement network, Sber made his declaration. He questioned the monopoly of global financial payment systems and expressed hope that technologies based on digital currencies will lead to bank independence. Putin’s government prohibits its residents from using cryptocurrencies as a form of payment, instituting a ban on Bitcoin transactions in early 2020.

Late in November, Russian legislators also considered potential legal reforms to facilitate the government’s development of a national cryptocurrency exchange. This attempt is apparently supported by both the Ministry of Finance and the Bank of Russia, which are notoriously divided about the regulation of the local cryptocurrency market.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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