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Russia’s Sberbank Invests $100 Million on Blockchain-Enabled ATMs


Russia’s Sberbank Invests $100 Million on Blockchain-Enabled ATMs

Sberbank, the oldest bank of Russia, is planning to invest $100 million on 5000 ATMs that are all blockchain-enabled for which it has also invited tenders. Other than that Sberbank also insists on all the 5000 ATMs to have a graphics card installed in it. Although, the need for graphics cards in ATMs that already support blockchain operations has not been stated clearly.

The Need for Graphics Card in Blockchain ATMs

Although the idea to invest a sum of $100 million on 5000 blockchain-powered ATMs has been embraced and accepted all over Russia, the need for graphics card installations in the ATMs seems irksome. There is no clear answer provided for the question but there are only speculations designed for the question that is raised.

According to speculations, a graphics card may be required because Sberbank is planning the issuance of a CBDC. Other speculations state that a graphics card might be needed for image recognition because of the presence of an error in the tender document’s description.

Benefits of Blockchain-Enabled ATMs

The head of marketing of a blockchain-powered platform called Waves Enterprise, Matvey Voytov, has expressed his opinions on the benefits of having blockchain-enabled ATMs. According to him, the blockchain technology in the ATMs will serve to track users’ transactions and the inclusion of graphics cards will facilitate smooth mining.

Alexander Chepurnoy, the co-founder of the Ergo blockchain platform, seems skeptical about the graphics card’s effectiveness on mining. He says that the installation of graphics cards can, on the other hand, be used to mine altcoins like Ravencoin, Ergo, Grin, etc. Irrespective of the speculations, however, the very move of the biggest bank in Russia towards blockchain-powered ATMs underlines the immense potential the world is finally acknowledging of the technology.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.


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