Russia`s Largest Bank Sberbank Joins EEA

Russia`s Largest Bank Sberbank Joins EEA

Sberbank, Russia`s largest bank by assets, has been accepted into the Enterprise Ethereum Alliance (EEA), one of the world`s largest blockchain consortiums.

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Sberbank, Russia`s largest bank by assets, has reportedly been accepted into the Enterprise Ethereum Alliance (EEA), one of the world`s largest blockchain consortiums.

The EEA is a working group of companies, technology start-ups, corporations and governments, united around the idea of leveraging open-source Ethereum technology for enterprise blockchain solutions.

As FT Reporter informed recently, Sberbank, Russia`s largest bank is now part of a list of over 150 members coming from public and private sectors.

“Our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform“, said Sberbank senior vice president Igor Bulantsev.

He added that the bank hopes to contribute to the project and strenghten ties with the Ethereum Foundation, while managing to develop blockchain technology in Russia.

The bank has already been a participant in a blockchain pilot and a prototype. In a collaborative effort with other Russian financial institutions, Sberbank worked on developing and testing a technical prototype called “Masterchain”, as a previous report explained.

Sberbank chief executive Herman Gref, a noted blockchain supporter, said earlier this year that blockchain would be commercial in 2019. It is to be seen how the blockchain technology will take roots in the country, turning into a trendy topic discussed by financial and political institutions across Russia.

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