Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
Sber is the largest banking enterprise in Russia. It is worth mentioning that under the pretense of western sanctions, the government of Russia has increased its efforts to promote cryptocurrency services in the region.
To this end, Sber officials have announced that they have created a blockchain that is compatible with Ethereum and MetaMask.
The majority shareholder of Sber bank is the Russian government with a “50% +1” equity ownership. The Sber officials have shared that new features of their local blockchain project are going to be compatible with the DeFi sector.
The announcement was made public during the international meeting of blockchain industry participants organized by Sber Blockchain Laboratory.
Integration of Sber’s Blockchain with the Ethereum Network
Cryptocurrency investors are still speculating about the meaning and the authenticity of the claims made by Sber bank.
If Sber is compatible with the Ethereum network, it means that it can also align with the MetaMask wallet issued by ConsenSys. However, MetaMask has already received backlash for collecting IP addresses recently.
However, in association with the Sber blockchain, users would be able to issue personalized tokens and create smart contracts.
Furthermore, the Sber blockchain would also grant the option for investors to make payments in rubles. The director of Sber Blockchain, Alexander Nam, has shown optimism toward his new DeFi project.
In addition to the blockchain project, Sber also launched its first blockchain ETF last year in December. Later that year, Sber applied for approval to debut its stablecoin project named Sbercoin. The permission was granted in 2022, and Sber was able to conduct its first digital currency transaction in June.
Meanwhile, the Russian president has recently issued a statement claiming that the blockchain network must be free from centralized control.
The government of Russia is also currently working on creating a national cryptocurrency exchange. Russian Duma is working on a legislative bill that would incorporate the exchange into the constitution.
Deep Into Blockchain is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.
