Russia's largest bank joins blockchain trade finance platform

The Swiss arm of Russia's largest bank is exploring blockchain-based trade finance.

A subsidiary of Russia's largest bank, Sberbank, has joined a blockchain-based platform for commodity trade finance.

Evgeny Kravchenko, head of trade finance at Sberbank, outlined that commodity trade finance is a strategic business of Sberbank Switzerland AG. According to the executive, Russia and the Commonwealth of Independent States' countries are the company's key markets, while Sberbank Switzerland AG also supports trade flows globally.

One of its purposes is to accelerate trade finance transactions as well as allow stakeholders to track a deal with instant success to commodity trade information.

Sberbank has been aggressively tapping the blockchain industry recently.

As Cointelegraph reported in August, Sberbank is working with a major Russia-based airline company, S7 Airlines, to introduce a blockchain-based ticket sale system.

The bank is also reportedly considering launching its own stablecoin pegged one-to-one to the Russian ruble.