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Russian Banking Giant Sber Expands Support for Ethereum and MetaMask

The biggest bank in Russia, Sber, has said that Ethereum and MetaMask will be supported on its own blockchain. The statement was made at the first ever global gathering of corporate blockchain industry participants, which was hosted by Sber Blockchain Laboratory.

The updated features enable smart contracts and decentralized finance (DeFi) on Sber bank’s open-source blockchain. Smart contracts can be freely transferred across the two blockchains thanks to the platform.

The blockchain platform provided by Sber enables users to issue tokens and develop smart contracts. Additionally, payments in smart contracts using rubles are made possible by integration with the bank’s information systems, according to the announcement.

Additionally, Sber (previously 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, which debuted on the market in June.

According to the press release, “the blockchain platform will also offer integration interaction with one of the most well-known MetaMask wallets, with which users will be able to carry out operations with tokens and smart contracts based on the Sber blockchain.” Recently, MetaMask came under fire for tracking transactions’ IP addresses and Ethereum wallet addresses.

Alexander Nam, the director of the Sberbank Blockchain Laboratory, predicted that as Web3 continues to develop quickly, demand for platforms that support different blockchain protocols will increase. In order to conduct joint market research and create useful business applications, Sber will be able to bring together developers, businesses, and financial institutions.

Sber’s largest stakeholder is the Russian government, which also holds a 50%+1 share option. The declaration comes in response to recent remarks made by Russian President Putin in favor of the blockchain industry. Putin made a suggestion about creating a global payment system based on blockchain and cryptocurrencies at a conference run by Sberbank.

Regarding the crippling Western sanctions imposed on his nation, Putin described the new blockchain-based system as “free from interference by third countries.” When Russia invaded Ukraine, extensive sanctions were largely directed at Sber.

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