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Sberbank quits Russian central bank's cryptocurrency initiative.

M2 EQUITYBITES-July 2, 2019--Sberbank quits Russian central bank's cryptocurrency initiative

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Global Banking News - 02 July 2019

Sberbank (OTCPK:SBRCY), considered to be the largest bank in Russia, has quit Masterchain, a blockchain project backed by Russia's central bank.

The bank said that it is quitting the initiative as it is frustrated with the system's lack of speed, security and overall efficiency.

The bank said that it is looking to move its work to other enterprise platforms.

Sberbank commands a 50 percent share of the Russian mortgage market. Masterchain was launched in 2017 by the FinTech Association (AFT).

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Publication:M2 EquityBites (EQB)
Date:Jul 2, 2019
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