The largest bank in Russia, Sber Bank has decided it will be stepping into the blockchain industry. However, it does not want to venture into the blockchain industry on its own.
Instead, Sber Bank wants to do it in support of two major entities from the cryptocurrency industry.
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Sber Bank Partners with Ethereum and Metamask
Sber, the largest Russian banking firm is entering the blockchain industry and supported by Ethereum and Metamask.
Ethereum is one of the largest blockchain networks in the entire cryptocurrency industry. On the other hand, Metamask is one of the largest cryptocurrency wallet providers in the entire crypto-verse.
The bank aims to take advantage of the expertise of both crypto firms in order to increase its exposure in the blockchain industry.
Using the technology offered by the Ethereum blockchain, Sber will be offering its clients one of the largest ecosystems for traditional finance integrated with technology.
It was during an international meeting about the possible collaboration between traditional finance and advanced financial technologies that Sber made the announcement.
It provided information on how it aims to utilize blockchain technology to provide its clients with the latest technology in the world of finance.
Sber Blockchain Laboratory’s Event
It was the Sber Blockchain Laboratory event where the officials at the Sber Bank spoke about their latest project.
The bank revealed that its aim is to offer a great level of utility to its clients when it comes to using the blockchain network.
They will be able to create smart contracts and then send them over to the open blockchain networks.
They can create smart contracts from the Sber blockchain and then send them freely to the open blockchain networks.
They intend to implement no restrictions or limitations on their users about transferring their smart contracts.
The clients will be able to transfer the entire project through the blockchain networks without facing any difficulties.
Integration with Metamask
In addition to going for integration with the Ethereum blockchain, they will be integrating the Metamask into their Sber blockchain.
This will allow the users to be able to store and perform multiple actions on the smart contracts and the tokens. The platform will offer them a lot of options and utilities they can benefit from.
The users will be able to perform all of these actions through the blockchain offered by the Sber Bank.
Sber Bank Acquired Digital Asset License in March
Sber Bank is among the most crypto-enthusiastic traditional financial entities in Russia. It has been eager to gain prominence in the crypto sector and increase its influence over the Russian crypto markets.
For this purpose, the bank even filed a request at the Central Bank of Russia to be granted approval to operate as a digital financial service provider.
It was in March when the Sber Bank filed the request and it was accepted by the Russian Central Bank. With the approval, the bank has the authorization of offering digital financial assets to the Russian locals.
Through its blockchain platform, users will have the ability to create different kinds of smart contracts. The users will be able to use the network for the creation of non-fungible tokens (NFTs) as well.
The option of creating non-fungible tokens was introduced by the Sber Bank back in September 2022.
Using the bank’s blockchain system, the users will be able to create smart contracts that will be backed by Russian rubles.
This is going to increase the adoption of the Russian ruble and also help all major cryptocurrencies.
Initially, the platform was able to the entities that were operating legally and were companies authorized to use it.
However, the latest announcement made by the Sber Bank confirms that even individuals will be able to use the service.