Russia’s largest blockchain bank supports MetaMask digital wallet
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Answer Russia’s largest blockchain bank supports MetaMask digital wallet
By connecting its blockchain platform with the Ethereum blockchain, Russia’s largest bank Sber is expanding its operations into the decentralized finance and Web 3 industries.
Sber, formerly known as Sberbank and now the largest financial institution in Russia, continues to improve its blockchain platform by integrating and supporting it with the Ethereum blockchain.
On November 30, Sber made an official announcement about the new capabilities of its blockchain technology.
One such opportunity is interoperability with applications and smart contracts running on the Ethereum network.
According to the bank, this will enable programmers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks.
The latest updates for Sber include interaction with the MetaMask cryptocurrency wallet.Read:Report: Binance plans to expand into Russia and its neighboring countries
This wallet is used to interact with the Ethereum network.
According to the statement, the connection and integration allows users to carry out activities using digital tokens and smart contracts that have been deposited on the Sber Bank-operated blockchain.
The bank also noted that the newly integrated features will help Sber unite developers, companies and financial institutions in order to investigate practical business uses of blockchain, Web 3 and decentralized finance.
According to previous reports, Sberbank has been working hard to create blockchain products for the past several years and has already submitted an order to the Bank of Russia in order to build a blockchain platform for the stable Sbercoin.
Sber has delayed the announcement of its first cryptocurrency transaction until June 2022, after obtaining permission from the central bank in the spring of 2022.
The Russian government owns 50% plus one stake in Sberbank, making it the company’s largest shareholder.
The proposal by Sber came shortly after Russian President Vladimir Putin called for an open network of blockchain-based enterprises.
At the same time, the Putin administration does not allow its residents to use cryptocurrencies as a method of payment, and has plans for a complete ban on payments made with bitcoin starting in early 2020.Read:Bitcoin price shines even more after the release of the US CPI report!
In late November, Russian lawmakers discussed the possibility of legislative amendments so that the government can operate a national cryptocurrency exchange.
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