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Russian banking giant Sber to expand support for Ethereum and MetaMask

The biggest bank in Russia, Sber, has said that Ethereum and MetaMask would be supported on its blockchain.

Photo by Artem Beliaikin / Unsplash

The action is being taken as financial penalties on Putin's regime remain in place. In the new agreement, Sber focuses on DeFi capabilities and smart contracts.

The latest developments

The biggest bank in Russia, Sber, has said (1) that Ethereum and MetaMask would be supported on its blockchain. The statement was made during the first-ever global gathering of corporate blockchain industry players, which Sber Blockchain Laboratory hosted.

The updated features enable smart contracts and decentralized finance (DeFi) on Sber bank's open-source blockchain. Smart contracts may be freely transferred across the two blockchains thanks to the platform. The blockchain platform Sber enables users to issue tokens and develop smart contracts. Additionally, interaction with the bank's information systems enables the use of smart contracts for payments." Rubles," the notification stated.

What will change as a result of this?

Additionally, Sber (formerly known as Sberbank) will collaborate with businesses, developers, and other financial institutions to create business apps and conduct market research. The majority-state-owned banking company recently received approval to introduce its proprietary stablecoin, known as Sbercoin (2), which debuted on the market in June. According to the press release, "the blockchain platform will also offer seamless interaction with one of the most well-known MetaMask wallets, with which users can carry out activities using tokens and smart contracts based on the Sber blockchain."

Recently, MetaMask came under fire for tracking transactions' IP addresses and Ethereum wallet addresses. The majority-Russian-controlled bank was upbeat. Alexander Nam, the Director of the Sberbank Blockchain Laboratory, stated that given the fast growth, Web3 would see an increase in demand for platforms that handle multiple blockchain protocols. To conduct cooperative market research and create useful business apps, Sber will be able to bring together developers, businesses, and financial institutions.

Putin's new demands

Sber's largest stakeholder is the Russian government, which also holds a 50% share option. The declaration comes in response to recent remarks by Russian President Putin in favor of the blockchain industry. Putin suggested (3) creating a worldwide payment system based on blockchain and cryptocurrency at a conference hosted by Sberbank. Regarding the crushing Western sanctions imposed on his nation, Putin described the new blockchain-based system as "free from influence by foreign nations." Sber was primarily pursued when Russia invaded Ukraine; there were broad-based sanctions.