The SberBank platform is now EVM-Compatible!

Since Russia has been under international sanctions, the Kremlin has been showing interest in Bitcoin and blockchain. Recently, Sberbank announced that its platform is compatible with the Ethereum Virtual Machine (EVM). This is supported by Metamask.

Sberbank integrates its platform with the Ethereum blockchain

Sberbank is the largest financial institution in Russia. It is more than 50% owned by Putin’s government.

At a meeting held on Wednesday, November 30, Sber Blockchain Labs explained its plans to be EVM-compatible.

According to the statement, the blockchain named “Sber” will be accessible via the Metamask wallet, one of the most widely used crypto wallets. This will allow users to perform transactions with tokens and smart contracts hosted by the bank.

Will the Sber Blockchain facilitate Bitcoin adoption in Russia?

This is not the first time that SberBank is interested in blockchain technology. By the end of 2021, SberBank had launched the first Blockchain ETF in Russia, known as the Sber-Blockchain Economy (SBBE).

In addition to its blockchain project, SberBank has also applied for permission from the Russian Central Bank to launch its private stablecoin named Sbercoin. Alas, we don’t have any more information at this time.

Since its exclusion from the SWIFT system, Putin’s administration has realized that Bitcoin and blockchain technology are the only bulwarks to escape sanctions. This news is a step in that direction and could lead to an official legalization of Bitcoin as a currency in Russia.