Russia’s Sberbank Integrates Metamask into its Blockchain Platform

Russia’s Sberbank Integrates Metamask into its Blockchain Platform

Russia’s banking giant, Sber has integrated its blockchain platform with the Ethereum blockchain and the popular Metamask wallet. The Russian bank believes the integration will give developers more options and create new opportunities for users with tokens and smart contracts.

Sberbank to Provide Ethereum and Metamask Support

Russia’s largest lender, Sberbank, is moving into Defi and Web3 by integrating its blockchain platform with the Ethereum blockchain, the world’s largest decentralized finance (Defi) ecosystem. The bank announced this during an international conference with members of the blockchain industry.

In an event organized by the Sber Blockchain Laboratory, the lender explained that the integration will allow developers to freely transfer smart contracts and projects from its blockchain to open blockchain networks.

The bank’s press release explained that the Sber blockchain will also support integration with Metamask, a popular Ethereum crypto wallet, and users will be able to perform operations with tokens and smart contracts hosted on the platform.

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

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

Sber Blockchain Laboratory

"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," the lab’s director, Alexander Nam, said.

The top executive is convinced that demand for platforms that support various blockchain protocols will increase 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," Nam added.

Russian authorities have been mulling over a more comprehensive legal framework that will legalize crypto activities like mining and crypto assets for cross-border payments. During a conference organized by Sber, Russian President Vladimir Putin called for the establishment of a new system for international settlements based on blockchain and digital currencies.

Do you know of other banks looking to integrate their blockchain platforms with open blockchains? Please post your comments.