Russia’s largest bank, Sberbank joins Enterprise Ethereum Alliance

Russia’s state-owned bank Sberbank announced that it has joined the Enterprise Ethereum Alliance (EEA) Wednesday. News of the Russian bank’s membership came just after the Alliance announced the addition of 48 new members including Hewlett-Packard Enterprise.

Ethereum Alliance: Open source standard to develop Ethereum technology

Enterprise Ethereum Alliance was formed in February 2017 as an open source standard to develop ethereum into an enterprise technology. It is a community of industry experts developing features and enhancements to Ethereum, driven by the needs of Enterprises. EEA is world’s largest open-source blockchain initiative with over 200 members in less than a year.

Industry giants: Credit Suisse, JPMorgan, Intel, Microsoft

Sberbank is the latest addition to the broad membership base that includes industry giants like Credit Suisse, JPMorgan, Santander, UBS, Accenture, Deloitte, Intel, Microsoft and recently, HPE.

In a press release, First Deputy Chairman of Sberbank’s Executive Board Lev Khasis said that “Sberbank’s joining the Enterprise Ethereum Alliance is an important stage in achieving the goals on our technology agenda. This membership implies for us access to cutting-edge developments and international expertise in terms of distributed ledger technologies”

JP Morgan Developed Blockchain Network Quorum 

Another member of the Alliance, multinational Bank, JP Morgan recently launched a blockchain network based on Quorum, an enterprise variant of ethereum blockchain. The bank developed Quorum under the EEA initiative and has made it open source. EEA has now set up a working group on Quorum.

Senior vice president of Sberbank, Igor Bulantsev, expects the Sberbank’s involvement with EEA to impact blockchain development in Russia.

[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””] “I hope that our union will further strengthen our relationship with the Ethereum Foundation and serve as a significant step towards developing blockchain technology in Russia.”

Igor Bulantsev (Senior Vice President, Sberbank) [/perfectpullquote]

Sberbank took part of a pilot for Ethereum blockchain platform, Masterchain, developed by Bank of Russia for Inter-bank messaging in Russia.

Another blockchain consortium: Hyperledger

Sberbank is also a member of another blockchain consortium, Hyperledger.

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