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Sber Bank of Russia Plans to Integrate Blockchain Using Metamask and Ethereum

Sber, a major bank, wants to include the Ethereum blockchain and the Metamask wallet into its blockchain platform. The Russian bank is of the opinion that the integration will give programmers additional alternatives and give users new opportunities when using tokens and smart contracts.

Sber Bank will support Ethereum and Metamask on a private blockchain.
The largest decentralized finance (defi) ecosystem in the world, Ethereum, will be technologically compatible with the blockchain technology created by Sber, the largest bank in Russia. At a global gathering with experts in the blockchain industry, the banking institution made the news.

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

A press release states that customers will be able to perform operations with tokens and smart contracts housed on the bank’s platform by integrating the Sber blockchain with Metamask, a well-known cryptocurrency wallet that works with Ethereum.

Sber, formerly known as Sberbank, created its blockchain after receiving authorization from the Central Bank of Russia to operate as an issuer of digital financial assets in March, this year. The platform allows participants to create their own tokens and smart contracts. In September, the bank said it will also permit them to issue non-fungible tokens (NFTs).

The integration with the bank’s information systems makes it possible to order payments under smart contracts in Russian rubles. The platform was originally open only to legal entities, but according to earlier statements, individuals will also be granted access in the last quarter of 2022.

Alexander Nam, the lab’s director, was reported as stating, “The Sber Blockchain Laboratory works closely with external developers and partner companies, and I am delighted that our community will be able to operate defi applications on Sber’s infrastructure.”

The CEO is certain that the rapid development of Web3 will raise demand for platforms that handle various blockchain protocols. In addition to doing cooperative market research, Sber will be able to bring together developers, businesses, and financial institutions to create useful business applications, according to Nam.

Russian authorities have been considering a more complete legal framework over the past year that would legitimize some crypto-related activities like mining and perhaps the use of crypto assets for international transfers. Vladimir Putin, the president of Russia, called for the creation of a new system for international settlements based on blockchain and digital currencies at a conference hosted by Sber.

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