As reported by Russian news publication Kommersant, Sberbank, Russia's biggest bank with over three times the net assets over its closest competitor is keen on joining the global consortium of 30 banks and financial institutions led by New York-based R3.

Speaking to be publication, Sberbank's First Deputy Chairman of the Management Board, Leve Khasis, confirmed the bank is keeping a close eye on the evolution of blockchain technology. He added the bank is looking into the documentation pertaining to R3 and pending a final decision, he doesn't refute the possibility of joining the consortium.

Khasis adds that Sberbank will be the first to implement blockchain solutions as soon as the industry embraces it.

R3 [was created] in order to develop protocols, standards and technology. As soon as [these] are implemented, we believe we [Sberbank] will be among the first to take part in it.

R3's global blockchain consortium is arguably the most publicized private blockchain endeavor to come together on a global scale, with five more banks including the likes of ING and Wells Fargo to join the working group in Novermber. Altogether, R3 now counts 30 banks as its participating members which include banks such as JPMorgan, Barclays, Citi and HSBC among others.