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Russia: large bank to join crypto platform

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

Sberbank Switzerland AG signed an agreement with the Swiss trade finance platform Komgo to use the blockchain-based trade finance service.

Evgeny Kravchenko, Head of Trade Finance at Sberbank, stressed that trade finance is a strategic business of Sberbank Switzerland AG. According to the management, Russia and CIS countries are key markets for the company, while Sberbank Switzerland also supports trade flows around the world.

Komgo is a decentralized trade finance business that is developing a commodity finance platform based on blockchain Ethereum. One of its goals is to speed up trade finance transactions and to enable interested parties to track transactions with immediate success on the basis of commodity trade information.