Sber Bank’s blockchain technology uses Metamask

By connecting its blockchain platform with the Ethereum blockchain, the largest bank in Russia is expanding its operations into decentralized finance and web 3 industries.

Sber, the bank once known as Sberbank and now Russia’s largest financial institution, continues to improve its blockchain platform by merging it with the Ethereum blockchain.

On November 30, Sber made an official announcement about new potential for its proprietary blockchain technology. One of those chances is interoperability with apps and smart contracts running on the Ethereum network.

According to the bank, this will enable programmers to transfer smart contracts and entire projects between Sber’s blockchain and public blockchain networks.

The latest updates to Sber include an interaction with a significant software cryptocurrency wallet known as MetaMask. This wallet is used to interact with the Ethereum network.

According to the release, the connection enables users to perform activities using tokens and smart contracts deposited on the blockchain network operated by Sber.

He pointed out that the newly integrated features would help Sber unite developers, businesses and financial institutions to investigate the practical commercial use of blockchain, Web3 and decentralized finance.

According to previous reports, Sberbank has been working hard to create blockchain products in recent years and has just submitted an application to the Bank of Russia to build a blockchain platform for its “Sbercoin” stablecoin in early 2021.

Sber postponed the announcement of its first digital currency transaction until June 2022, after receiving authorization from the central bank in spring 2022.

The Russian government owns 50% plus one share in Sber, making it the company’s largest stakeholder.

The proposal from Sber came not long after Russian President Vladimir Putin demanded an open network of settlements based on blockchain technology.

At the same time, Putin’s administration does not allow its citizens to use cryptocurrencies as a form of payment, and it plans to implement a complete ban on payments made with bitcoin from the beginning of 2020.

Late in November, lawmakers in Russia discussed the possibility of making legislative adjustments to allow the government to operate a national cryptocurrency exchange.