A Russian bank made a blockchain with a Layer 1?

Sberbank, a Russian bank, said that it would now let NFT traders and holders host and mint their items on its blockchain. According to what the company said, the items have become more popular over the past few months. The demand for NFTs has grown quickly because most traders now see them as a digital goldmine. Even though the business is in bad shape, dealers still buy rare art on digital blockchains.

The Russian bank would like to work with art museums

In its statement, the Russian bank said that it will work with art galleries across the country to help them put their past works on its blockchain. A representative of the company said that users will be able to host and mint NFTs on their platform by the end of the year.

The bank wants to work with a wide range of businesses, including sports teams and casinos, as well as art galleries. In a statement from an official news source in the country, a bank executive said that since this is a new initiative for the bank, it would first ask questions and study how these things work so that it could give its customers the best service possible.

In stages, the hosting service will be available.

According to the bank’s statement, the need to screen all items for sale on the blockchain means that the Russian bank will offer a limited service. After getting approval from the most important group in the country, the bank introduced its blockchain in March. The blockchain will be rolled out in stages. In the first quarter of 2022, the platform said that organizations would be able to use it before people.

Even though this wasn’t always the case, there has been a big rise in the demand for non-financial assets across the country. He said that the bank knows that people will want to know more about this new information. Russia hasn’t done a good job of regulating digital assets yet because it has only focused on digital assets that are backed by a company. In the coming months, the state legislature will look at several laws about digital assets. Even though most people agree on

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The post A Russian bank made a blockchain with a Layer 1? appeared first on NFT News Pro.

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