Sber Bank Announced New Features Of Its Blockchain Platform

Sber bank, Russia’s largest bank, is expanding its blockchain technology by linking it with the Ethereum blockchain. The organizer of the event is Sberbank Blockchain Laboratory.

The Sber Bank platform will be technologically compatible with the world’s largest decentralized finance ecosystem Ethereum, allowing developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open blockchain networks.

The recent updates now include an interface with MetaMask, a popular software cryptocurrency wallet used to interact with the Ethereum network. According to the statement, the connection enables users to conduct activities with tokens and smart contracts stored on the Sber Bank blockchain platform.

Director of the Sberbank Blockchain Laboratory, Alexander Nam, said:

“The Sberbank Blockchain Laboratory works closely with external developers and partner companies, and I am glad that our community will be able to run DeFi applications on Sber’s infrastructure.”

Sberbank is Russia’s largest bank and a leading global financial institution with a 179-year history. Sberbank plays a significant role in the Russian economy with a one-third of aggregate banking assets and about 45% of all retail deposits. Sberbank has over 98 mn active retail clients and 2.7 mn active corporate clients in Russia. Sberbank Online is the Top-3 most uploaded application in Russia and the number of its monthly digital users is 71 mn. At the same time, Sberbank has the largest physical distribution network with over 14K branches.

Sberbank has international footprint through subsidiary banks in the CIS region (Kazakhstan, Ukraine and Belarus), Switzerland, Austria and countries of Central and Eastern Europe via Sberbank Europe as well as a branch in India and representative offices in Germany and China.

The announcement comes shortly after Russian President Vladimir Putin advocated for a blockchain-based settlement network available to anyone. He questioned the monopoly in global financial payment systems but hoped that digital currency-based technologies would push bank independence.

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