Sberbank, Russia’s largest bank, has been working on a DeFi project for some time. This is the development of a decentralized finance platform. Currently, the Russian bank is actively preparing to test the new DeFi tool. Also, she decided to turn to the Ethereum blockchain to perform the appropriate tests in a few months.
Public trials of DeFi platform to launch in three months
The Russian bank Sberbank wants to launch a new DeFi project on the Ethereum blockchain. Public trials of the new platform will start by May 2023. This was indicated by Konstantin Klimenko, the product director of Blockchain Lab of the Russian bank. The manager said: “ At the end of April, the platform will be fully available, then it will be possible to carry out certain commercial operations on it. “.
You should know that the DeFi platform is currently being tested in a private beta version. When launched, customers will be able to use major wallets, like MetaMask, to effect asset transfers. They will be able to transfer their assets from other platforms.
The Chief Product Officer of Blockchain Lab pointed out: “ DeFi systems are able to displace the traditional banking market “. Klimenko has also noted : “ We have set ourselves a big goal: to make the Russian DeFi ecosystem number one “.
Sberbank’s ambition in DeFi
It is important to remember that the new announcement is part of the plans that the Russian bank has previously published. These indicate that it wants to integrate DeFi applications into its infrastructure.
Recall that last November, Sberbank announced the launch of new features for its blockchain platform. The bank had in particular mentioned the compatibility with the smart contracts and applications on the Ethereum blockchain.
Currently, it is unclear how the upcoming DeFi platform will be regulated. Indeed, the Russian government has not yet put in place any regulatory framework for digital assets. But Anatoly Aksakov, head of the Duma’s Financial Market Committee, thinks it will definitely happen this year. In the meantime, more and more Russian financial institutions support cryptos. There are currently 4 institutions, including two major banks in the country, in the case. These are: Alfa Bank, Sberbank, the tokenization platform Atomyze and the fintech company Lighthouse.
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