Sberbank set forth its proprietary blockchain to be compatible with Ethereum

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Sberbank set forth its proprietary blockchain to be compatible with Ethereum

The largest bank in Russia, formerly known as Sberbank, set forth its proprietary blockchain to be compatible with Ethereum. 

In the press release statement, the bank, whose majority shareholder is the Russian government with a “50% + 1 share” option, announced the new capabilities for its proprietary open blockchain platform.

On November 30th, Sber made the announcement that its platform is compatible with the smart contracts and apps that run on the Ethereum network. Users will be able to more easily transfer smart contracts and complete projects between the public blockchain networks and Sber’s blockchain with the aid of this.

In addition, Sber has announced cooperation with the cryptocurrency client , which enables users to communicate with the Ethereum network. On the Sber blockchain platform, users will be able to more easily carry out actions involving tokens and smart contracts as a result of this integration.

Alexander Nam, the director of the blockchain lab, commented that “I am delighted that our community will be able to deploy DeFi apps on Sber’s infrastructure.” Sber Blockchain Lab works closely with external developers and partner firms.

As a result of this agreement, Sber will have the ability to facilitate the collaboration of developers, businesses, and financial institutions in the conduct of collaborative market research as well as the creation of useful apps for commercial use.

Compiled by Coinbold

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