The Enterprise Ethereum Alliance adds Sberbank- Russia’s largest bank

Considerably, after signing up more than 100 businesses to build enterprise DLT is too compatible with Ethereum Blockchain. However, the group has added Sberbank, Russia’s largest bank.

According to source, Sberbank enclosed its adoption to the alliance as a new way to capitalize on internationally.

Head of trade finance and correspondent banking, Evgeniy Kravchenko said,

“The next step for our Blockchain team will be operations with foreign-based financial institutions and other banks, to do some international transactions, to see how we can increase the transparency and improve the trust between banks and corporate clients”.

Moreover, Sberbank declares that it is update with two Blockchain PoC i.e. one for “smart” letter of credit and another for a letter of guarantee. He adds, “We’ll be working with other banks on projects in other business areas, apart from trade finance: payments, lending, retail, everything that’s possible”.

Also Read: Demand for domestic cryptocurrency in Russia by firms

Critical mass

Although, Kravchenko was firm not to suggest that he is limiting the scope of Sberbank’s work just alliance members. Instead, he says that bank tends to work constantly with Russians banks. However,it is also for who are not members of the EEA on new projects.

Moreover, he is no Blockchain maximalist wherein he himself imagines that Blockchain is not exactly necessary. He concluded,

“I think Blockchain may influence all the parties who are represents here, because all the banks are here. But the main message from my side is we need to do it together and jointly with other players”.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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