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Sberbank joins the Enterprise Ethereum alliance

The Enterprise Ethereum Alliance just welcomed its first Russian member.

18.Oct.17 4:09 AM
By Daria Zaytseva


Sberbank joins the Enterprise Ethereum alliance

After registering more than 100 businesses to create a distributed ledger technology of the enterprise compatible with the ethereum blockchain, the group added Sberbank, the country's largest bank, to its growing list.

Identified in an interview with CoinDesk, Sberbank created its addition to the alliance as a new way to capitalize on international markets.

Already, Sberbank reported that it has completed at least two blockchain proofs of the concept - one for a "smart" letter of credit, and another for a letter of guarantee - in cooperation with regulators, the minister of economy, other banks and the International Chamber of Commerce of Russia.

Evgeniy Kravchenko, head of trade finance and correspondent banking at Sberbank, however, said its entry into the EEA is part of an attempt to go beyond the initial uses that have already been tested.

But Kravchenko tried not to assume that he's limiting the scope of Sberbank only members of the alliance. Instead, he says that the bank is interested in continuing to work with Russian banks that are not members of the EEA on new and existing projects.

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