By linking its blockchain platform with the Ethereum blockchain, Russia’s largest bank is expanding its operations into the web 3 and decentralized finance industries.

Sber, the bank that was once known as Sberbank and is now the largest financial institution in Russia, continues to improve its blockchain platform by merging it with the Ethereum blockchain.

On November 30, Sber made an official announcement about the new potential of its proprietary blockchain technology. One of these possibilities is interoperability with applications and smart contracts running on the Ethereum network.

According to the bank, this would make it possible for programmers to transfer smart contracts and entire projects between the Sber blockchain and public blockchain networks.

Sber’s most recent updates include an interaction with a major software cryptocurrency wallet known as MetaMask. This wallet is used to interact with the Ethereum network.

According to the statement, the connection allows users to carry out activities using tokens and smart contracts that have been deposited on the blockchain network operated by Sber.

He noted that the newly integrated features would help Sber bring together developers, enterprises, and financial institutions to investigate practical business uses of blockchain, Web3, and decentralized finance.

According to previous reports, Sberbank has been working hard to create blockchain products for the past few years and has just submitted an application to the Bank of Russia to build a blockchain platform for its stablecoin “Sbercoin” in early 2021.

Sber delayed the announcement of its first digital currency transaction until June 2022, after obtaining authorization from the central bank in spring 2022.

The Russian government owns 50% plus one share of Sber, making it the company’s largest shareholder.

Sber’s proposal came shortly after Russian President Vladimir Putin called for an open network of settlements based on blockchain technology.

At the same time, the Putin administration does not allow its residents to use cryptocurrency as a form of payment and plans to implement a full ban on bitcoin payments starting in early 2020.

At the end of November, lawmakers in Russia discussed the possibility of making adjustments to the legislation for the government to operate a national cryptocurrency exchange.