The largest bank in Russia, formerly known as Sberbank, set forth its proprietary blockchain to be compatible with Ethereum.
In the press release statement, the bank, whose majority shareholder is the Russian government with a “50% + 1 share” option, announced the new capabilities for its proprietary open blockchain platform.
Sber on Nov.30 announced its compatibility with smart contracts and applications on the Ethereum network. This will help users to move smart contracts and entire projects between Sber’s blockchain and public blockchain networks.
Moreover, Sber announced integration with MetaMask that can be used to interact with the Ethereum blockchain. This integration helps users to conduct operations with tokens and smart contracts on Sber’s blockchain platform.
Alexander Nam, head of the blockchain lab, stated, “Sber Blockchain Lab 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.”
Sber will be able to bring together developers, enterprises, and financial institutions in both joint market research and the development of practical business applications through this partnership.
Also Read: Russian Central Bank Permits Sberbank to Issue and Trade Digital Assets
