Sber Bank of Russia Plans to Integrate Blockchain Using Metamask and Ethereum

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Sber, a major bank, wants to include the Ethereum blockchain and the Metamask wallet into its blockchain platform.

The Russian bank is of the opinion that the integration will give programmers additional alternatives and give users new opportunities when using tokens and smart contracts.

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.

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.

It is possible to request payments under smart contracts in Russian rubles thanks to the interaction with the bank’s information systems.

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 President Vladimir Putin called for the creation of a new system for international settlements based on blockchain and digital currency at a conference hosted by Sber.

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