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Russia’s Sber Bank integrates Metamask into its blockchain platform

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Russia’s largest bank – formerly Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.

on November 30 officially announce New opportunities for its blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This will allow developers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks, the bank said.

Sber’s latest addition also brings integration with the MetaMask cryptocurrency wallet into the main software, which is used to interact with the Ethereum blockchain. The integration allows users to perform transactions using tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.

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“The Sber Blockchain Lab works closely with third-party developers and partner companies, and I am excited that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, Head of Blockchain Lab. He noted that the newly integrated features will help Sber unite developers, businesses, and financial institutions to explore practical business applications from blockchain, Web3, and decentralized finance.

As mentioned earlier, Sberbank has been actively developing blockchain products in recent years, Submit an application with the Bank of Russia To launch its own stablecoin “Sbercoin” blockchain platform in early 2021. After obtaining central bank approval in the spring of 2022, Sber finally It announced its first cryptocurrency transaction in June. The majority shareholder of Sber is the Government of Russia, owning 50% + 1 of the shares.

Speer’s announcement came shortly after Russian President Vladimir Putin He called for an open settlement network based on the blockchain. He criticized monopoly in global financial payment systems, expressing confidence that technology based on digital currencies will lead to independence from banks. At the same time, Putin’s government does not allow its citizens to use cryptocurrencies as a means of payment Comprehensive ban on payments using Bitcoin (BTC) in early 2020.

Related: Telegram’s founder wants to build new decentralized tools to combat abuse of power

In late November, Russian lawmakers also discussed possible legal amendments so the government could do so Launching a national crypto exchange. The effort is said to be backed by both the Finance Ministry and the Bank of Russia, which are known to have a lot of contention when it comes to regulating the local crypto market.

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