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A Layer 1 blockchain by a Russian bank? 1

A Layer 1 blockchain by a Russian bank? 1

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Russian bank Sberbank has announced that it will now allow merchants and NFT holders to host and mint their items on its blockchain. According to the power plant’s statement, there has been real demand for the products in recent months. In line with this argument, demand for NFTs has grown rapidly as most traders now see them as a digital goldmine. Although things are not rosy in the industry, traders are still flocking to buy rare works of art on digital blockchains.

A Russian bank wants to cooperate with art galleries

In a statement, the Russian bank said it is partnering with art galleries across the country to help them host their past artworks on its blockchain. According to a statement from the company’s head, the ability to allow users to host and mint NFTs on their platform would take effect later this year.

In addition to art galleries, the bank wants to cooperate in various areas with other entities, especially sports and gaming companies. In a statement, which was carried by the country’s official news source, the manager mentioned that since it is a new adventure for the bank, it will first make inquiries and research on how these things work to provide the best to the users.

The hosting service opens in stages

The Bank of Russia statement also said that the bank plans to implement a limited service because they must moderate all content for sale on the blockchain. The bank first launched its blockchain after earning a nod of approval from the nation’s premier institution in March. The blockchain will be opened in parts, with the platform first announcing that it will open to entities first to individuals in the last quarter of 2022.

Although it is not what it used to be, the demand for NFTs has grown tremendously across the country. He also stated that this new update would raise questions for the general public, and the bank is already aware. Russia continues to curb fully regulated digital assets because it has targeted digital assets only with the company that supports them. The state House will review several digital property bills in the coming months. Although most parties agree on that

Source: https://www.cryptopolitan.com/a-layer-1-blockchain-by-a-russian-bank/

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