Russia’s largest lender is moving into DeFi and Web3 by integrating its blockchain platform with the Ethereum blockchain.


Russia’s largest bank Sber — formerly referred to as Sberbank — continues developing its blockchain platform by integration it with the Ethereum blockchain.


On Nov. 30, Sber officially declared new opportunities for its proprietary blockchain platform, as well as compatibility with smart contracts and applications on the Ethereum network. this might enable developers to move smart contracts and whole comes between Sber’s blockchain and public blockchain networks, the bank said.


Sber’s latest additions additionally bring an integration with major software cryptocurrency wallet MetaMask, that is used to interact with the Ethereum blockchain. the integration permits users to create operations with tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.


“Sber Blockchain lab works closely with external developers and partner firms, and that i am glad that our community are going to be able to run DeFi applications on Sber's infrastructure,” head of blockchain lab Alexander Nam said. He noted that the recently integrated features can help Sber to unite developers, companies and financial institutions to explore practical business applications of blockchain, Web3 and decentralized finance.


As previously reportable, Sberbank has been actively developing blockchain products in recent years, filing an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin in early 2021. after receiving the central bank’s approval in spring 2022, Sber finally declared its first digital currency deal in june. Sber’s majority shareholder is that the government of Russia, holding 500th + 1 share.


Sber’s announcement came shortly once Russian President vladimir putin called for an open blockchain-based settlement network. He criticized the monopoly in world financial payment systems, expressing confidence that digital currencies-based technology can drive independence from banks. At an equivalent time, Putin’s government doesn't enable its citizens to use crypto as payment, putting a blanket ban on payments with Bitcoin BTC tickers down $16,921 in early 2020.


Related: telegram founder wants to build new decentralized tools to combat power abuse


In late Nov, Russian lawmakers additionally mentioned potential legal amendments so as for the govt. to launch a national crypto exchange. This effort is reportedly supported both by the Ministry of Finance and therefore the Bank of Russia, that are better-known for having a lot of disagreement when it comes to regulating the local crypto market.


(HELEN PARTZ, Cointelegraph, 2022)