Sberbank Prepares to Introduce DeFi Platform

Russia’s largest bank, Sberbank, will launch its decentralized finance (DeFi) platform by May.

Russia’s largest bank Sberbank, decentralized finance until May ( DeFi) will launch its platform.

Russian news agency of InterfaxRussia’s largest bank Sberbank is preparing for the DeFi platform. It was stated that the platform will initially be based on the Ethereum network and users can access the platform through MetaMask. Also, Sberbank’s product manager for blockchain believes that DeFi will one day replace traditional banking services.

“DeFi Can Replace Banking Services”

Product Director of Sberbank’s blockchain lab Constantine Klimenko, the bank DeFiyour network Marchwhich will turn into an open test in it said it was running in a closed beta version.

World Economic Forumspeaking in Klimenko stated that DeFi could replace traditional banking services in the future. This development isn’t the first time Sberbank has dealt with crypto. The bank obtained a license from the Central Bank of Russia to issue and exchange digital assets last March. Also, a few months ago, the bank launched Russia’s first blockchain exchange-traded fund ( ETF) was released.

This license, which was given by the Central Bank of Russia to Sberbank, which also has branches in Europe, is seen as a new opportunity for the bank, which is trying to reduce the impact of the sanctions of western countries.