Sberbank’s blockchain platform will be compatible with the Ethereum ecosystem

This will allow developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open networks

30.11.2022 - 16:15

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What’s new? Alexander Nam, head of Blockchain Lab at Sberbank, said that the bank’s blockchain platform will be technologically compatible with the Ethereum-based decentralized finance (DeFi) ecosystem. According to him, this will allow developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open blockchain networks, TASS reports.

Material by TASS

What else is known about the initiative? During the first international meeting of participants of the corporate blockchain industry, it became known that Sberbank’s platform will provide integration interoperability with the MetaMask crypto wallet. With it, users will be able to perform operations with tokens and smart contracts placed on the Sberbank platform.

What is known about the blockchain platform? Sberbank’s platform allows customers to issue their own tokens and create smart contracts. In addition, integration with the bank’s information systems makes it possible to make payments in rubles as part of smart contracts.

In July, Sberbank conducted its first deal to issue digital financial assets, SberFactoring, on its own platform. The issuer’s liabilities are secured by receivables transferred for factoring services.

Also, Sberbank, along with VTB Bank, Gazprombank, Alfa-Bank, and 8 other financial institutions are involved in a pilot project for testing the digital ruble. In October, it became known that within its framework, Russian citizens will be able to make smart contracts on the blockchain, make payments, pay for goods offline and recover money if devices are lost.

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