Russian Bank Sber Aims For Blockchain Integration With Ethereum And Metamask CryptoBlog

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

Sber Bank will provide 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 with members of the blockchain industry.

At the event, hosted by the Sber Blockchain Laboratory, the lender explained that the integration will allow developers to freely transfer smart contracts and entire projects between its 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, with which users will be able to trade with tokens and smart contracts hosted on the bank’s platform. .

Sber, formerly known as Sberbank, created its blockchain after receiving permission 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 announced that it would also allow them to issue non-fungible tokens (NFTs).

Integration with the bank’s information systems makes it possible to order payments within the framework of smart contracts in Russian rubles. The platform was initially only open to legal persons, but according to previous statements, individuals will also have access to it during the last quarter of 2022.

“The Sber Blockchain Laboratory works closely with external developers and partner companies, and I am happy that our community can run defi applications on Sber’s infrastructure,” said lab director Alexander Nam.

The executive is confident that the demand for platforms supporting various blockchain protocols will increase with the rapid development of Web3. “Sber will be able to unite developers, enterprises and financial institutions both in joint market research and during the development of practical business applications,” Nam added.

Over the past year, Russian authorities have been mulling over a more comprehensive legal framework that will legalize certain 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.

Keywords in this story

Bank, Banking, Blockchain, blockchain platform, Ethereum, Financial Institutions, integration, Open Blockchain, proprietary blockchain, Russia, Russian, SBER, Sber Bank, Sberbank, Services, Smart contracts, Tokens, users, Wallet

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 tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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