Russia’s Sberbank quits Masterchain project

sberbank

Highly-publicized Russian blockchain project, Masterchain, might not be a master at the end of the day.

This is because there are signs that Russia’s Central Bank’s plan to launch its Blockchain platform for payments could hit a brick wall with the exit of the country’s largest lender.

Russia’s largest bank, Sberbank said it has quit Masterchain after it described the project as slow, insecure and inefficient.

Oleg Abdrashitov, head of Sberbank’s blockchain unit said it is backing out of the project

“Masterchain does not satisfy the requirements for Sberbank’s use cases, so for all future exploration we will use enterprise blockchain platforms such as Hyperledger Fabric or Quorum,” he said.

The exit of Sberbank is a huge blow giving its position as the largest lender in the country.