- The largest lender in Russia has integrated its blockchain platform with the Ethereum blockchain to enter the DeFi market.
- The most recent inclusion will also be integrated into the MetaMask cryptocurrency wallet.
Sber, Russia’s largest bank, has recently updated support for the MetaMask cryptocurrency wallet. The bank revealed the adoption of blockchain technology, indicating progress with DeFi and Web3.
The biggest bank in Russia, Sber, previously known as Sberbank, keeps enhancing its blockchain platform by incorporating it with the Ethereum blockchain.
On November 30, Sber revealed new developments for its own blockchain technology, including support for smart contracts and Ethereum network applications. According to the bank, this would make it possible for developers to move entire projects and smart contracts between Sber’s blockchain and other public blockchain networks.
According to the bank, this would enable developers to move entire projects and smart contracts between Sber’s blockchain and open blockchain networks.
The most recent updates to Sber also include an inclusion with the popular software wallet MetaMask, which is used to communicate with the Ethereum blockchain. According to the official statement, the services enable users to carry out operations using tokens and smart contracts set up on Sber’s blockchain platform.
Alexander Nam, the director of the blockchain lab, explains how the Sber Blockchain Lab collaborates attentively with outside developers and business partners, and he expresses his gratitude that the community will be able to use the Sber infrastructure to run DeFi applications.
He said that Sber will be able to bring together developers, businesses, and investment firms to explore real-world business uses for blockchain, Web3, and decentralised finance owing to the newly integrated features.
In recent years, Sberbank has been at the forefront of the nations creating blockchain projects. As a result, the bank submitted an application to introduce Sbercoin, a stablecoin, in 2021.
Then, as a while back in June, Sber opened a digital agreement after the application was approved. The next step in that process is the assimilation of the cryptocurrency wallet MetaMask with Sber.
Russia has been advancing in the crypto space lately despite the sanctions. Later in September, The Russian Ministry of Finance and its central bank have agreed on a draft bill that would allow bitcoin and cryptocurrency payments for concluding international trade, as per a document from the Russian news agency Tass.
The law “as a whole sets out how cryptocurrency can be purchased, what can be done with it, and how cross-border transactions can or cannot be conducted,” according to deputy finance minister Alexei Moiseev.