There is positive news for crypto as Russia's largest bank, Sber, announced that its blockchain network is now compatible with Ethereum’s blockchain. With this move, Sber has signified its intention to join DeFi and Web 3.0.
In an official announcement released on Nov 30, Sber stated that compatibility with the Ethereum network would create new opportunities for its users. Compatibility with the Ethereum network will allow developers to interface conveniently with Sber’s blockchain and public blockchain networks.
In addition to delivering compatibility with Ethereum’s blockchain, Sber has also integrated with the popular crypto wallet MetaMask. This integration allows users to transact their assets on the bank’s blockchain platform.
Speaking on its integration with MetaMask, Sber’s head of blockchain lab, Alexander Nam, said:
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
According to Alexander, the newly added features will assist Sber in bringing together developers, corporations, and financial institutions. Furthermore, it would assist these platforms in exploring practical business applications of blockchain, Web3, and decentralized finance.
Sber’s commitment to offering blockchain-based services is common knowledge in crypto. Previously, the bank had applied to the Bank of Russia for permission to launch a blockchain platform for its stablecoin. A filing for this application was made in early 2021. In the spring of 2022, the bank received approval. The bank announced its first digital currency deal in June after receiving approval.
