In the recent turn of events, Sberbank Switzerland AG, which is the subsidiary of Russia’s largest bank (Sberbank), has recently joined hands with one of the blockchain-based platform to do financing in the commodity trading sector.
The subsidiary of Sberbank has recently signed up on an agreement with the Swiss trade finance platform known as Komgo that is going to help the bank in setting up a trade finance service, which would be blockchain-centric.
The representatives at the Sberbank Switzerland AG have recently released a statement stating that the reason they have adapted to the blockchain-based trade finance service is because of the growth and development that has taken place in the cryptocurrency and blockchain industry.
In an interview, Evgeny Kravchenko, who is the head of trade finance in at the Sberbank, praised the achievement and presence of their bank in the global trades sector. He also added that Sberbank Switzerland AG is not just a typical bank but is a strategic business entity in the commodity trading finance.
By doing this, Sberbank Switzerland AG has made its way into the list of supporters of the blockchain and cryptocurrency industry. Over the course of a decade, the blockchain industry has seen many ups and downs in its demand and volatility. Many times, the blockchains have been pronounced as dead or fraudulent and the majority of the people, especially the world economy giants still consider the blockchain industry to be nothing more than a fraud.
However, after 2017, many world economy analysts and commentators have started speculating that the blockchain industry has started showing an upward trend and is destined to be the solution provider for the issues and complexities that are being faced in the real-time world and economy.
Although, Russia has literally banned the use of cryptocurrency in the state as a transaction method, yet they have passed a law for blockchain and have recognized them as a legal entity. Now, the subsidiary of Russia’s largest bank is building ties with the blockchain-based methods to streamline and improve their trades in the commodity trading sector. From this point onwards, blockchain will be all set to reach the skies.