Russia’s largest bank conducts the first digital asset transaction on its own blockchain-based platform

What

Russian bank, Sberbank has executed its first digital financial asset transaction on its own blockchain-based platform

Why

The bank believes that the platform has good prospects thanks to its speed and simplified process

What next

Looking forward, the bank also plans to launch more types of financial assets on its platform

The story

Sberbank, Russia’s largest bank has undertaken the first digital financial asset transaction on its own blockchain-based platform.

The primarily government-owned bank announced the launch of the smart contract-based blockchain platform and carried out the first transaction with its subsidiary, SberFactoring, executing a 1 billion rouble (about $15 million) issue with a three-month maturity.

“The launch of the platform and our obtaining the status of an operator is the result of the teamwork of many divisions of our bank in close cooperation with the Bank of Russia,” Anatoly Popov, deputy chairman of the board of Sberbank, said in the announcement.

The bank’s blockchain platform is currently operating in pilot mode for a small selection of users, with plans to roll it out to all of its corporate clients in due course.

Looking to the future, the bank also plans to launch more types of financial assets on its platform.

To learn more about blockchain technology, visit our learning resource here.

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