Russian bank adds metamask to its blockchain

Russian bank Sber has announced that its newly created blockchain platform will be infused into the Ethereum blockchain. According to a statement from the bank on November 30, it mentioned that there would be opportunities for the blockchain. Some of this includes support for smart contract capabilities and other applications built on the Ethereum platform. Additionally, the bank said the integration will help developers move their projects across both blockchains.

The Russian bank wants to help financial institutions

Apart from the integration with Ethereum, the bank also announced that it has partnered with Metamask, which users can use to interact with the Ethereum blockchain. This new infusion will enable transactions using assets and smart contacts on the Russian bank’s blockchain.

According to a spokesperson, the bank was happy to work with external developers to effectively allow more applications to run on the Sber blockchain. He also mentioned that the new integration will enable the Russian bank to offer much-needed services to developers and institutions hoping to enter the business aspect of the blockchain and web3 ecosystem.

Russia’s ban on crypto payments still active

An earlier report claimed that the bank had been working on developing its blockchain for the past few years. The report also mentioned that the bank had already submitted an application to the premier bank in the country for permission to develop its blockchain platform, which would house the Sbercoin token. The approval came in June 2022, and a few weeks later the Russian bank announced that it had entered into a partnership with a digital asset company. The Russian government has shares worth around 51% in the bank.

This recent announcement comes on the back of a call by Russian President Vladimir Putin to financial institutions to create their blockchain platform for payments. Putin lamented the monopoly of the payment system used worldwide while claiming that digital assets could draw more users away from the banking system. In particular, digital assets such as Bitcoin have been banned in Russia as citizens have not been allowed to use them for payments across the country since 2020. There have also been calls from lawmakers in the country for discussions on a possible exchange creation by the authorities. The Bank of Russia supports the call.