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Former Sberbank integrates Metamask into its blockchain platform

Last November 30 2022, Sber officially announced new capabilities of its own blockchain platform, including compatibility with smart contracts and applications on the Ethereum network . This would allow developers to move smart contracts and entire projects between Sber's blockchain and the public blockchain network. This also brings integration with major software cryptocurrency wallet MetaMask, which is used to interact with the Ethereum blockchain. The integration allows users to perform operations with tokens and smart contracts located on Sber's blockchain platform.

The head of the blockchain laboratory, Alexander Nam, commented on this:

Sber Blockchain Lab works closely with external developers and partner companies, and I am very happy that our community will be able to run DeFi applications on Sber's infrastructure.

He also noted that the newly integrated features will help Sber unite developers, corporations and financial institutions. They will also help explore practical business applications of blockchain, Web3 and decentralized finance. The former Sberbank has been actively developing blockchain products in recent years, and in early 2021 filed an application with the Bank of Russia to launch a blockchain platform for its " Sbercoin " stablecoin. After receiving central bank approval in spring 2022, Sber finally announced its first digital currency business in June. The majority shareholder of Sber is the Russian government, which holds 51% shares.

Sber's announcement came shortly after Russian President Vladimir Putin called for an open blockchain-based settlement network. He criticized the monopoly in global financial payment systems and expressed the belief that technology based on digital currencies will lead to independence from banks. In late November 2022, Russian lawmakers also discussed potential legal changes due to the possible launch of a national cryptocurrency exchange. This effort is allegedly supported by both the Ministry of Finance and the Russian Central Bank.


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