Ethereum Compatibility Statement From The Largest Bank in Russia!

Ethereum Compatibility Statement From The Largest Bank in Russia!

Ethereum compatibility statement from the Largest Bank in Russia! Russia’s largest bank, Sber, has announced that its own blockchain platform will be compatible with Ethereum.

In a press release, the bank, whose majority owner is the Russian government with a “50% + 1” option, announced the new capabilities of the open blockchain platform. The announcement was made at the first international meeting of blockchain industry participants for companies. The organizer of this event is Sber Blockchain Laboratory.

Russian Sber connects to Ethereum

As the announcement shows, the Sber platform will be compatible with the technology and ecosystem of the global economy, Ethereum.

This means that developers will be able to transfer smart contracts and all services between the blockchain network of assets and Ethereum. Sber’s blockchain platform will be integrated with ConsenSys’ MetaMask wallet, which has recently come under fire for IP tracking. Users and developers will be able to submit their signatures and create smart contracts. In addition, connecting to the banking system will make it possible to pay in ruble smart contracts.

“Sberbank’s blockchain lab works closely with external developers and partner companies, and I am happy that our community can make DeFi applications on Sber’s infrastructure,” said Alexander Nam. The director of the Sberbank Blockchain Laboratory expressed his optimism that “given the rapid development of Web3, platforms that support various blockchain blocking systems will become increasingly important.”

And Sber will be able to bring together developers, companies and financial institutions for joint market research and development of useful business applications, according to the announcement.

Russia, blockchain pioneer

Notably, Sber has launched Russia’s first blockchain ETF in December last year. In addition, in early 2021, Sber applied to the Russian Central Bank for the right to launch its own “Sbercoin”.

The central bank gave permission in the spring of 2022, after which Sber made its first transaction with its digital currency in June. Significantly, Sber’s announcement came days after Russian President Vladimir Putin announced his support for an international payment system based on blockchain technology.

Putin criticized the authority of the global financial system, saying that the global financial system is now “controlled by a small club of states and financial institutions”.

At a conference organized by Sberbank, Putin said that the new system should be independent of banks and other interference. According to him, this new system must be based on digital currency and blockchain technology.

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