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Russian Market

February 4, 2023

Russia’s Sberbank to launch its Ethereum-based DeFi platform by May Russia’s largest bank Sberbank will release a decentralized finance (DeFi) platform by May this year, said Konstantin Klimenko, Product Director of Sberbank’s blockchain laboratory. The platform will initially be based on the Ethereum network, with users being able to access it using MetaMask. So far, the network is running in a closed beta, which will turn into open testing on March 1. “We set ourselves a big goal – to make the Russian DeFi ecosystem number one,” Klimenko said, adding that DeFi can displace traditional banking services in the future. DeFi is a form of borrowing and lending that uses smart contracts and remove the need for intermediaries. Earlier, Sberbank launched Russia’s first blockchain exchange-traded fund and received a license from the central bank to issue and exchange digital assets. Sberbank has more than 110 million customers in addition to one million corporate clients. Subscribe to Russian Market Source: SwissUXNews

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