Russian Sberbank Conducts First Digital Asset Trade on its Blockchain Platform
Sberbank executed the first digital asset transaction on its blockchain-based platform. According the bank, the platform has good prospects because of its speed and other benefits.
Sberbank is Russia’s biggest bank and majority-owned state.
It was the first to use its own blockchain-based platform for digital asset transactions.
Today, Sberbank announced that the platform’s smart-contract-based blockchain platform was launched. SberFactoring, its subsidiary, also participated in the transaction. It involved a 1 Billion ruble (15 million USD) issue with a 3-month maturity.
Anatoly Pupov, deputy chairman of Sberbank’s board, stated in the announcement that launch of the platform was possible due to cooperation of many divisions of our Bank of Russia.
Popov stated Sberbank’s Blockchain Laboratory research was launched in 2018. He said that the platform is a great option as the digital format speeds up the process of issuing financial instruments and lowers entry requirements.
Sberbank’s Blockchain Platform currently is in pilot mode. However, all corporate clients will soon have the ability to connect to it.
The bank intends to add financial assets to its platform over the next few years.
VTB Factoring is Russia’s second-largest bank. It completed its first cash-backed digital asset transaction in partnership with Lighthouse (a fintech company).
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