Russian Sberbank plans to launch DeFi platform on ethereum

 

Russian Sberbank plans to launch DeFi platform on ethereum

Konstantin Klimenko, Director of Blockchain Lab, said DeFi systems are able to displace the traditional market for banking services.

Russia's largest bank, Sberbank, is moving forward with its decentralized financial platform (DeFi) launch plan, preparing for a trial in a few months.

The local Interfax news agency reported on February 3 that Sberbank expects to launch open trials of its DeFi platform by May 2023,

As announced by Blockchain Lab Director at Speier Konstantin Clemenko.

Klimenko said it is currently being tested in a special beta

Sberbank's upcoming DeFi platform is due to be fully opened by the end of April, allowing users to make the first business transactions.

The executive noted that the blockchain

platform will be compatible with the blockchain ethereum

Allowing customers to use key wallets, such as MetaMask, to transfer their assets.

Klimenko also noted that users will be able to transfer their assets from other platforms.

The blockchain executive stated that Sberbank's DeFi platform aims to become a major ecosystem for DeFi in Russia.

He also expressed confidence that :

DeFi's systems were capable of displacing the traditional market for banking services.

This announcement is in line with Sberbank's previously unveiled plans to enable DeFi applications on the bank's infrastructure.

In November 2022 :

Sberbank announced a range of new features for its blockchain platform

including compatibility with smart contracts and applications on the Ethereum network.

It seems unclear how the next platform will be organized because Russia has not yet reached a digital currency regulation.

According to Anatoly Aksakov :

Chairman of the Duma's Financial Market Committee

ussia will "certainly" adopt crypto regulations in 2023.

As previously reported, Sberbank has been struggling to launch some blockchain tools for the past few years due to multiple delays in registration by the Central Bank of Russia.

Sberbank originally expected to launch its digital asset release platform in 2021, and eventually received Bank of Russia approval in spring 2022.

The Russian government is Sberbank's largest shareholder, owning 50% + 1 shares.

On February 2, Alfa Bank

• one of Russia's largest private banks

• became the fourth financial institution in

• the country to be allowed to issue digital assets along with Sberbank

• the state-backed Atomyze coding platform and fintech firm Lighthouse.