A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain lab, said that open testing will begin in March.
Sberbank’s Defi platform to enable large-scale business operations
according to a report As reported by the Interfax news outlet, Moscow-based state-owned financial services company Sberbank plans to launch a decentralized finance (defi) app. The platform is currently in a closed beta test, according to Konstantin Klimenko, product director at Sberbank’s blockchain lab.
“We have set ourselves a big goal: to make the Russian defi ecosystem number one,” Klimenko said. “Our network is currently working on a closed beta test format… But from March 1, we will move to the next phase and it will no longer be a beta test, but an open test,” added the executive of the Sberbank blockchain lab.
The platform, which will be based on Ethereum, will work with the Web3 Metamask wallet. The Sberbank team aims to make it publicly available by the end of April and hopes that it will enable large-scale defi trading operations. In June 2022, the Russian banking and financial services giant made the first digital asset transfer on its platform, which was approved by the Bank of Russia. In September, Sberbank announced that its platform will also allow the minting of non-fungible tokens (NFTs).
Apart from the Bank of Russia, Sberbank is the largest financial institution in Russia with $559 billion in assets under management (AUM) as of 2021. The bank is also the leader in the card payments industry in the Russian Federation, with more than 61% of the market. . In January 2022, the Russian banking firm launched Russia’s first blockchain exchange-traded fund (ETF). Sberbank, its executive members and its subsidiaries have been fans of blockchain technology since 2015.
What do you think about Sberbank’s goal to make the Russian defi ecosystem number one? Leave your thoughts in the comments below.
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