Russia’s largest bank, Sber, has just added support for its cryptocurrency wallet, MetaMask. The bank announced the integration of blockchain technology, signaling a step forward in DeFi and Web3.
Mint telegraph reported on the announcement made today by the former Sberbank. The development shows an integration in the Ethereum ecosystem. In addition, the information signaled new opportunities for its own blockchain.
The largest Russian bank now supports Crypto
Sber is the largest bank in Russia and this announcement is clearly in line with recent developments in digital assets. Subsequently, the report suggested that this new blockchain “will include compatibility with smart contracts and applications on the Ethereum network.”
Moreover, it means that developers can transfer smart contracts and entire projects from Sber’s blockchain to the public networks, according to the report. The latest addition also brings its integration into the cryptocurrency wallet, MetaMask.
The head of the blockchain lab, Alexander Nam, spoke about the development. He stated, “Sber Blockchain Lab works closely with third-party developers and partner companies, and I’m excited for our community to be able to run DeFi applications on Sber’s infrastructure.”
Nam added that the new integration allows Sber to unite developers and financial institutions. In conclusion, with the intention of exploring more applicable business uses of blockchain, Web3 and decentralized assets.
Sberbank has been at the forefront of countries developing blockchain projects in recent years. Consequently, the bank applied to launch its stablecoin in 2021; the stablecoin is called Sbercoin.
Then, after the application was approved, Sber only launched a digital deal in June. The integration of Sber and cryptocurrency wallet MetaMask is yet another step in that journey.