Russian-backed Sberbank Integrates with Ethereum and Its MetaMask Wallet

UTC by Steve Muchoki · 3 min read
Russian-backed Sberbank Integrates with Ethereum and Its MetaMask Wallet
Photo: Depositphotos

There are several advantages of using Sberbank’s blockchain technology, including the deep liquidity supply of Russian Rubles to create smart contracts.

Sberbank (MCX: SBER) – one of the top financial institutions in Russia and Eastern Europe that is majorly state-sponsored – has announced that its blockchain network is now compatible with the Ethereum ecosystem. Notably, Sberbank announced that its blockchain network would integrate with MetaMask wallets to enable seamless interactions with the Web3 industry. Moreover, Sber’s blockchain platform allows participants to issue tokens and create smart contracts.

As such, Sber’s integration with MataMask and making its blockchain network compatible with Ethereum is strategic to its future growth prospects. Furthermore, traditional financial institutions have found a niche in blockchain technology by offering their services through decentralized applications.

“…. I am sure that, given the rapid development of Web3, platforms that support various blockchain protocols will become more and more in demand. And Sber will be able to unite developers, corporations, and financial institutions both in the framework of joint market research and in the course of developing practical business applications,” Alexander Nam -Director of the Sberbank Blockchain Laboratory – noted in the press release.

Developers interested in harnessing Sberbank and its blockchain technology have been advised to send applications to address blockchain [at] sberbank [dot] ru. There are several advantages of using the Sberbank blockchain technology, including the deep liquidity supply of Russian Rubles to create smart contracts.

As a result, the Russian-backed bank can access more global customers while diversifying its revenue collection avenues. Moreover, the geopolitical differences between global military superpowers have pushed them to blockchain adoption in a bit of technology control.

SberBank and Ethereum Market Outlook

The Ethereum ecosystem is the undoubted king of smart contracts, with countries showing tremendous commitment to integrating their banking sector with the Ether blockchain. As the bear market persists across the digital market spectrum, the Ethereum blockchain is flexing its muscles to gain recognition as a network state. Interestingly, many investor protection agencies worldwide have recognized the Ethereum ecosystem as a secure and scalable blockchain ecosystem.

As such, the Ethereum network is expected to gain more global users in the coming decade. According to aggregate crypto data provided by Coingecko, the Ethereum network has a market dominance of around 17.3 percent, with a valuation of approximately $153 billion. Reportedly, the Ethereum network has 49,815,265 holders, according to on-chain data provided by tokenview.

The Russian-backed Sberbank intends to capitalize on Ethereum’s vibrant online community to grow its local economy. Moreover, SberBank has raised a total of $5.8B in funding over 1 round during the post-IPO debt round raised on Jul 7, 2014. As a result, the bank sees the Ethereum network as the best platform to scale its services.

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Steve Muchoki

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