Sber, the largest bank in Russia, now supports the MetaMask cryptocurrency wallet. With the level of integration of blockchain technology, the bank has taken a step towards DeFi and Web3. The announcement was made by the bank formerly known as Sberbank. This data shows new opportunities for blockchain implementation.
This statement fits well with his previous strategy using digital assets. According to the source, this new blockchain “will include compatibility with smart contracts and applications on the Ethereum network.”
With this advancement, developers can now migrate smart contracts and all blockchain services from Sber to the public network, as explained in the blog post. The latest update also includes support for the MetaMask Bitcoin wallet.
Alexander Nam, director of blockchain research, spoke about this new change. He said:
“Sber Blockchain Lab works closely with external developers and partner companies, and I am happy that our community can make DeFi applications on Sber infrastructure.”
Nam also said that this new investment will help Sber connect the development community with financial institutions.
Sber has adopted Blockchain technology
Sber, Russia’s largest bank, made its first digital asset transaction on its platform in July this year. Recently, Sberbank has been at the forefront of Russian blockchain projects. Therefore, the bank is set to introduce its stablecoin in 2021, the stablecoin will be called Sbercoin. Sber introduced the DFA business as recently as June, when the company’s application was approved.
The next step is to connect Sber to the MetaMask cryptocurrency wallet. Meanwhile, Russia’s biggest banks are struggling to adopt digital currency innovations due to restrictions. In addition, Vladimir Putin recently spoke about the benefits of creating a global payment system based on blockchain technology at the International Conference on AI and Machine Learning Artificial Intelligence Journey 2022.