Sber Bank of Russia plans to integrate blockchain using Metamask and Ethereum

Sber, a major bank, wants to include the Ethereum blockchain and the Metamask wallet in its blockchain platform. The Russian bank is of the opinion that the integration will give programmers additional options and give users new opportunities when using tokens and smart contracts.

Sber Bank will support Ethereum and Metamask on a private blockchain

The largest decentralized financial (DeFi) ecosystem in the world, Ethereum, will be technologically compatible with the blockchain technology created by Sber, the largest bank in Russia. At a global gathering of experts in the blockchain industry, the banking institution made the news.

The lender described how the integration will allow developers to freely transfer smart contracts and entire projects between their own blockchain and open blockchain networks during the event, which was organized by the Sber Blockchain Laboratory.

A press release states that customers will be able to perform operations with tokens and smart contracts hosted on the bank’s platform by integrating the Sber blockchain with Metamask, a well-known cryptocurrency wallet that works with Ethereum.

After receiving permission from the Central Bank of Russia to act as an issuer of digital financial assets in March this year, Sber, formerly known as Sberbank, developed its blockchain. Participants can build their own tokens and smart contracts using the platform. The bank announced in September that it will also allow them to produce non-fungible tokens (NFTs).

It is possible to request payments under smart contracts in Russian rubles thanks to the interaction with the bank’s information systems. Individuals will be able to access the platform in the fourth quarter of 2022, contrary to previous claims that it will only be available to legitimate businesses.

Alexander Nam, the laboratory’s director, was reported as stating,

Sber Blockchain Laboratory works closely with external developers and partner companies, and I am happy that our community will be able to run defi applications on Sber’s infrastructure.

Interest in Web3 and crypto legal framework

The CEO is certain that the rapid development of Web3 will increase the demand for platforms that handle various blockchain protocols. In addition to doing collaborative market research, Sber will be able to bring together developers, businesses and financial institutions to create useful business applications, according to Nam.

Russian authorities have been considering a more complete legal framework over the past year that would legitimize some crypto-related activities such as mining and perhaps the use of crypto assets for international transfers. Vladimir Putin, the President of Russia, called for the creation of a new system of international settlements based on blockchain and digital currencies at a conference organized by Sber.

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