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Russian bank Sber plans to integrate its blockchain with Ethereum and Metamask

The bank stated that the integration will give developers more options and give users new opportunities related to tokens and smart contracts.

Image by: Wikimedia Commons

Thu, 08 Dec 2022, 05:17 am UTC

Sber, Russia’s largest banking and financial services company, plans to integrate its own blockchain platform with the Ethereum blockchain and the Metamask wallet. The bank stated that the integration will give developers more options and give users new opportunities related to tokens and smart contracts.

Ethereum, the largest decentralized finance (defi) ecosystem in the world, will be technologically compatible with the blockchain platform developed by Sber, the largest bank in Russia. The bank made its announcement at an international meeting of blockchain industry members.

The lender described how the integration will permit developers to freely transfer smart contracts and whole projects between its own blockchain and other open blockchain networks. The event was organized by the Sber Blockchain Laboratory.

In a press release, Sber said that its blockchain platform will likewise support integration with Metamask, a well-known crypto wallet that works with Ethereum. This will enable customers to perform operations with tokens and smart contracts hosted on the bank's platform.

In March this year, the Central Bank of Russia granted Sber the authorization to operate as an issuer of digital financial assets, which allowed it to create its own blockchain. Sber’s platform allows participants can build their own tokens and smart contracts using the platform. The bank announced in September that it will also allow them to issue non-fungible tokens (NFTs).

It is possible to request payments under smart contracts in Russian rubles thanks to the interaction with the bank's information systems. While the platform was originally open only to legal entities, individuals will be given access to the platform in the fourth quarter of 2022.

“The Sber 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,” Sber Blockchain Laboratory Director Alexander Nam said.

The director expects the demand for platforms that support various blockchain protocols will rise along with the rapid development of Web3. “Sber will be able to unite developers, corporations, and financial institutions both in the framework of joint market research and in the course of developing practical business applications,’ he said.

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