Russia’s largest bank – Sberbank plans to launch its DeFi platform on Ethereum

sberbank launch defi on ethereum

Sberbank, the largest bank in Russia, is moving ahead with the launch of its decentralized finance (DeFi) platform and is getting ready to test the offering in the next months.

By May 2023, Sberbank hopes to start public testing of its DeFi platform, according to Konstantin Klimenko, product director of Sber’s Blockchain Lab.

Sberbank’s new DeFi platform, which is now being evaluated in private beta, will be completely open by the end of April, enabling customers to carry out the first commercial transactions, Klimenko added.

The CEO mentioned that the Ethereum blockchain will be interoperable with the blockchain platform’s blockchain, enabling users to shift their assets using popular wallets like MetaMask.

According to the blockchain executive, Sberbank’s DeFi platform seeks to establish itself as a leading DeFi ecosystem in Russia. He also expressed confidence in the ability of DeFi systems to supplant the established banking services sector.

The declaration is consistent with Sberbank’s earlier plans to make DeFi applications available on the bank’s infrastructure. Sberbank unveiled a number of new capabilities for its proprietary blockchain technology in November 2022, including support for Ethereum network applications and smart contracts.

Due to many registration delays by the Russian central bank, Sberbank has had difficulty launching some blockchain technologies during the past few years. Sberbank eventually received the Bank of Russia’s license in the spring of 2022, after initially planning to begin its digital asset issuing platform in 2021.

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