Russian bank Sber expands support for Ethereum and MetaMask

The biggest bank in Russia, Sber, has said that Ethereum and MetaMask will be supported on its own blockchain. The statement was made at the first ever global gathering of corporate blockchain industry participants, which was hosted by Sber Blockchain Laboratory.

The updated features enable smart contracts and decentralized finance (DeFi) on Sber bank’s open-source blockchain. Smart contracts can be freely transferred between the two blockchains thanks to the platform.

According to the announcement,

“Sber’s blockchain platform lets participants issue tokens and create smart contracts. And integration with the bank’s information systems makes it possible for payments in smart contracts using rubles.”

Additionally, Sber (previously known as Sberbank) will collaborate with businesses, developers, and other financial institutions to create business apps and conduct market research.

The majority-state-owned banking company recently received approval to introduce its proprietary stablecoin, known as Sbercoin, which debuted on the market in June.

Furthermore, the press release noted,

“The blockchain platform will also provide integration interaction with one of the most popular MetaMask wallets, with which users will be able to perform operations with tokens and smart contracts based on the Sber blockchain.”

Recently, MetaMask came under fire for tracking transactions’ IP addresses and Ethereum wallet addresses.