Russia’s Sber Bank Aims for Blockchain Integration with Ethereum and Metamask – Finance Bitcoin News

Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet. The Russian bank believes that the integration will give developers more opportunities and create new opportunities for users when operating with tokens and smart contracts.

Sber Bank provides Ethereum and Metamask support on proprietary blockchain

The blockchain platform developed by Sber, Russia’s largest bank, will be technologically compatible with Ethereum, the world’s largest decentralized finance (defi) ecosystem. The financial institution made the announcement during an international meeting of members of the blockchain industry.

During the event, organized by Sber Blockchain Laboratory, the lender explained that the integration will allow developers to freely transfer smart contracts and entire projects between their own blockchain and open blockchain networks.

According to a press release, the Sber blockchain will also support an integration with Metamask, a popular crypto wallet used to interact with Ethereum, which users will be able to perform operations with tokens and smart contracts hosted on the bank’s platform.

Sber, formerly known as Sberbank, created its blockchain after receiving authorization from the Central Bank of Russia to operate as an issuer of digital financial assets in March this year. The platform allows participants to create their own tokens and smart contracts. In September, the bank said it will also allow them to issue non-fungible tokens (NFTs).

The integration with the bank’s information systems makes it possible to order payments under smart contracts in Russian rubles. The platform was initially only open to legal entities, but according to previous statements, individuals will also gain access in the last quarter of 2022.

“Sber Blockchain Laboratory 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,” said the laboratory’s director Alexander Nam.

The manager is convinced that the demand for platforms that support various blockchain protocols will increase with the rapid development of Web3. “Sber will be able to unite developers, companies and financial institutions both within the framework of joint market research and during the development of practical business applications,” added Nam.

In the past year, Russian authorities have been mulling a more comprehensive legal framework that would legalize some crypto activities such as mining and possibly the use of crypto assets for cross-border payments. During a conference organized by Sber, Russian President Vladimir Putin called for the establishment of a new system of international settlements based on blockchain and digital currencies.

Do you know of other banks looking to integrate their blockchain platforms with open blockchains? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.