Russia’s Biggest Bank Announces Ethereum Compatibility

Russia’s largest bank, Sber, has announced that its own blockchain platform is compatible with Ethereum.

In a press release, the Russian government-majority-owned bank with a “50% + 1 share” option announced new features for its own open blockchain platform.

The announcement comes at the first international conference of blockchain industry participants for business. The organizer of the event was he Sber Blockchain Laboratory.

Russian Sber Integrates Ethereum

As the announcement states, the Sber platform will be technically compatible with Ethereum, the world’s largest decentralized financial ecosystem.

This means that developers can freely transfer smart contracts and entire projects between the bank’s blockchain network and Ethereum.

Sber’s blockchain platform will also be integrated with ConsenSys’ MetaMask wallet, which has recently been accused of IP tracking. Users and developers can issue their own tokens and create smart contracts.

In addition, integration with bank information systems allows smart contract payments to be made in rubles.

“Sberbank’s blockchain lab works closely with external developers and partner companies, and we are pleased that our community can run DeFi applications on Sber’s infrastructure,” said Alexander Nam. increase.

The director of the Sberbank Blockchain Laboratory expressed optimism: “Given the rapid development of Web3, the demand for platforms supporting various blockchain protocols will increase.”

Sber will also be able to bring developers, businesses and financial institutions together in both joint market research and developing practical business applications, the announcement said.

Russian pioneer blockchain

Notably, Sber also launched Russia’s first blockchain ETF last December. Additionally, in early 2021, Sber applied to the Central Bank of Russia for permission to issue its own stablecoin, Sbercoin.

Permission was granted by the central bank in spring 2022, after which Sber completed its first transaction with the digital currency in June.

Surprisingly, Sber’s announcement comes just days after Russian President Vladimir Putin announced his support for an international payment system based on blockchain technology.

Putin has criticized the monopoly of the global financial payment system, saying the current global financial system is “controlled by states and small clubs of financial groups.”

At a conference hosted by Sberbank, Putin said the new system must be independent of banks and third-party interference. According to him, this new system should be based on digital currency and blockchain technology.

At the time of writing, Ethereum (ETH) was priced at $1.274. Yesterday the price was rejected at the critical resistance level of $1310 and may now be seeking support at $1231.

After that, ETH will likely head towards the $1350 resistance zone, which will likely break out of the FTX pre-crash price levels.