Russia’s Sberbank Joins Enterprise Ethereum Alliance

Blockchain, FinTech, Investing, News | October 18, 2017 By:

Despite the mixed signals coming from Russian government officials on cryptocurrency – an equal mix of love, hate and plans to start their own coin – Russia’s Sberbank is moving forward on its own.

Sberbank is joining the Enterprise Ethereum Alliance, becoming the first Russian bank to join the distributed ledger consortium. Reports indicate the bank is joining as a way to improve intrabank international transfer, a key blockchain feature.

The bank has already dabbled in ethereum blockchain technology, developing proof-of-concepts for a smart letter of credit and a letter of guarantee. Both projects were undertaken with Russian government cooperation and approval.