• Sberbank, Russia’s largest banking establishment, plans to have its decentralized finance (DeFi) platform operational by May.
• The product director of the blockchain laboratory of Sberbank stated that open testing of the DeFi platform will start in March.
• In addition to launching a DeFi platform, Sberbank also obtained a license from the Bank of Russia to operate as a digital asset exchange and launched an ETF that provides exposure to leading blockchain companies.
Sberbank’s Plan for a Decentralized Finance Platform
Sberbank, one of Russia’s largest banking establishments, is planning to launch its own decentralized finance (DeFi) platform by May 2021. According to Konstantin Klimenko, product director of the Blockchain Laboratory at Sberbank, their mission is to make Russia the world leader in DeFi operations.
Testing Phase
Klimenko mentioned that the project is currently in its closed beta testing phase and will move into open testing from March 1st onwards. He also said that by April end, the platform should be fully operational and ready for commercial operations. To begin with, only MetaMask wallet compatibility will be available on this DeFi platform; however it would eventually be integrated with Ethereum blockchain for seamless transfer of smart contracts and other projects within Ethereum ecosystem.
Other Blockchain Ventures
This isn’t Sberbank’s first venture into blockchain technology; they have been making significant progress over the past few years towards adopting this technology in various areas. In March 2022 they acquired a license from Bank of Russia to operate as a digital asset exchange and issue their own digital tokens. Before this development they had already launched an ETF which provided exposure to leading blockchain companies such as Coinbase and Galaxy Digital while protecting investors from market volatility.
Impact on Crypto Space
The move by Sberbank towards introducing their own DeFi platform has further strengthened Russian government’s commitment towards crypto adoption through regulations and legislation support for cryptocurrency businesses operating in the country. With more financial institutions getting involved in crypto space we can expect higher levels of liquidity and increased trust among consumers leading to widespread acceptance of cryptocurrencies globally.
Conclusion
With increasing investments being made in blockchain technology across various sectors it is clear that cryptocurrency industry is here to stay for long run and will continue having positive impact on global economy going forward . It will be interesting to see how well Sberbank’s decentralized finance platform performs when it goes live later this year