Russia's Sberbank Has Launched a Blockchain Lab

Sberbank, one of the largest banks in Russia, has built a blockchain laboratory to develop and test blockchain-based solutions.

AccessTimeIconJan 12, 2018 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 7:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Sberbank, one of the largest banks in Russia, has announced a blockchain laboratory to develop and test blockchain-based solutions.

The new lab aims to generate product prototypes, perform pilot tests and deploy blockchain-based business solutions for Sberbank Group, a press release says.

According to Igor Bulantsev, Sberbank's senior vice president, blockchain can help in "reshaping" the financial business market, as well as the bank's activities and services.

Bulantsev said:

"It is important to note that blockchain helps market participants cooperate more efficiently. Hence, Sberbank is making a contribution to the future of the banking industry and our country by launching the blockchain laboratory."

The project will work on developing advanced technologies in conjunction with the bank's other laboratories, and is also planning to build collaborations with startups, and via other alliances.

Sberbank's blockchain lab will appoint blockchain specialists with experience in building and implementing blockchain ideas to existing products as well as creating new approaches to business activities, the release adds.

The launch comes a month after the CEO of Sberbank, Herman Gref, stated that the wider-scale implementation of blockchain in Russia could take as long as a decade. He noted at the time, Russia is "experimenting a lot" on blockchain and added that the bank will introduce some products on a "large scale" this year.

In February of last year, Gref predicted that the use of distributed ledger technology by banks and other incumbents could be just 2–2.5 years away.

Sberbank has launched number of initiatives in the blockchain ecosystem including its recent entrance into the Enterprise Ethereum Alliance – an enterprise-focused consortium. Some of the bank's blockchain-based pilot projects include joint solutions with Severstal and Federal Antimonopoly Services, among others.

Sberbank image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.