Russia’s largest bank and majority-owned state-owned Sberbank has carried out the first digital financial asset transfer on its Blockchain-based platform.
Sberbank Performs First Transfer Transaction on Blockchain-Based Platform
Announcing the news today, Sberbank said that it has launched a smart contract-based Blockchain platform and issued the first transaction on this platform with its subsidiary SberFactoring, issuing Ruble 1 billion (approximately $15 million) with a three-month maturity.
Anatoly Popov, vice chairman of the bank’s board of directors, said in the announcement:
“The implementation of the platform and the acquisition of the operator status of our bank is the result of teamwork carried out by many departments of our bank in close cooperation with the Central Bank of Russia.”
Popov added that research conducted by Sberbank’s Blockchain lab, which started operating in 2018, has now been translated into industrial business solutions:
“We believe our platform has good potential as the digital environment significantly speeds up and simplifies the issuance process of financial instruments and lowers the market entry threshold.”
Sberbank’s Blockchain platform is piloting for a limited number of users, but soon all corporate customers of the bank will be able to connect to the platform.
Looking forward, the bank also plans to launch more types of financial assets on its platform.
Last month, VTB Factoring, a subsidiary of VTB, Russia’s second largest bank, completed the first cash-backed digital financial asset transaction in partnership with fintech company Lighthouse.
last year in Russia cryptocurrencies There was some debate about its complete ban.
*Not investment advice.