Russia’s largest bank is accelerating its transition to DeFi and Web3 by integrating its Blockchain platform with Metamask. With this move, the bank will provide a direct connection with the leading altcoin.
Sberbank announces selection of new altcoin for transition to DeFi and Web3
Russia’s largest bank Sber, formerly known as Sberbank, is integrating its Blockchain platform with Ethereum. On November 30, the bank officially announced new opportunities, including compatibility with smart contracts and applications on the Ethereum network. That said, it will allow developers to move smart contracts and entire projects between Sber’s Blockchain and public Blockchain networks.
Sber’s latest update includes MetaMask integration, the crypto wallet used to interact with Ethereum. According to the announcement, the integration allows users to transact with tokens and smart contracts placed on Sber’s Blockchain. The bank’s Blockchain Lab Alexander Nam stated that the new features will help Sber connect developers, companies and financial institutions to explore practical business applications of Blockchain, Web3 and DeFi. He said he was happy to see Sber host DeFi projects:
Sber Blockchain Lab works closely with external developers and partner companies and I am pleased that our community will be able to run DeFi applications on Sber’s infrastructure.
Sberbank has been actively developing blockchain products in recent years
The bank applied to Bank of Russia for its own stablecoin “Sbercoin” in early 2021. After receiving central bank approval in the spring of 2022, it announced its first cryptocurrency deal in June. The majority shareholder of Sber is the Russian government, which owns 50% + 1 share.
Sber’s announcement came shortly after Vladimir Putin’s call for a blockchain-based settlement network. The President of Russia, criticizing the monopoly in global financial payment systems, expressed his confidence that technology based on cryptocurrencies will increase independence from banks. At the same time, the Putin government does not allow its citizens to use cryptocurrencies as payment. It also imposes a general ban on payments with Bitcoin.
In late November, Russian lawmakers also discussed possible legislative changes for the government to launch a national crypto exchange. This effort is reportedly supported by the Ministry of Finance and the Central Bank of Russia, which are known to have many disagreements over regulating the local crypto market.
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