Russian Sberbank integrates blockchain with MetaMask
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Russia’s largest bank Sberbank has given its blockchain platform access to the Ethereum blockchain through an integration with the MetaMask software wallet.
The bank’s proprietary blockchain platform is now compatible with Ethereum applications and smart contracts, meaning developers can work interchangeably between both networks.
Sber Blockchain Lab, the bank’s web3 arm, has also announced a MetaMask integration to further support interoperability between the Sberbank blockchain and other public blockchains.
MetaMask users, who use their wallet to interact with the Ethereum network, will now be able to take advantage of smart contracts and spend tokens on the Sberbank blockchain.
Alexander Nam, head of Sber Blockchain Lab, said: “Sber Blockchain Lab 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.”
Nam added that the new integrations will help developers and financial institutions explore business applications for DeFi and web3.
Sberbank has been at the forefront of the Russian blockchain space for some time now. In early 2021, it submitted an application to the Bank of Russia to launch its own stablecoin called ‘Sbercoin’, for which it received approval in mid-2022.
Sberbank is majority-owned by the Russian government, which owns 50 percent of the shares, plus 1.
In November, Russian President Vladimir Putin called for a more open international settlement system based on blockchain. The Russian leader criticized the monopoly a select few banks have over the global payment system, suggesting that a blockchain-based system would be more efficient and independent.
Moscow may also reverse its hardline stance on cryptocurrency as lawmakers in the country discuss possible changes to allow the launch of a government-controlled crypto exchange.
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