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.

After getting permission from the Central Bank of Russia to function as an issuer of digital financial assets in March of this year, Sber, formerly known as Sberbank, developed its blockchain. Participants can build their own tokens and smart contracts using the platform. The bank announced in September that it will also allow them to produce 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. Individuals will be given access to the platform in the fourth quarter of 2022, contrary to earlier assertions that it would only be accessible to legal businesses.

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.

Interest in Web3 and legal framework for crypto

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.