Russia’s largest bank joins Enterprise Ethereum Alliance

Russia’s largest bank by assets, Sberbank, joins the Enterprise Ethereum Alliance after R3 rejection
20 October 2017   2012

A group of companies, technology startups, corporations and governments working to leverage open-source Ethereum technology for enterprise blockchain solutions, the Enterprise Ethereum Alliance (EEA), announces the addition of Sberbank, Russia’s largest bank, to a list of over 150 members from public and private sectors alike.

This is not the first Sberbank's attempt to enter the blockchain world. Thus, in 2015, Sberbank revealed the desire to join the international banking blockchain consortium led by New York startup R3 (however, R3 refused Sberbank’s membership to the consortium). Then, in September 2016, Sberbank joined the Linux Foundation-led open-source Hyperledger Project.

Now, according to the announcement, Sberbank becomes the first Russian bank to join the EEA and reveals its intent to further Ethereum blockchain solutions Russia.

Our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform. The Alliance is actively developing and I hope that the bank’s expertise will be of use to all of its members. In addition, the bank will be able to influence the enhancement of the platform and its growth in the corporate sector. 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
Sberbank senior vice president

It's also noteworhty that Sberbank chief executive Herman Gref, a noted blockchain advocate and a Bitcoiner, has speculated that the blockchain technology will lead to commercial applications in 2019.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   55

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.