Russia-based Sberbank to launch DeFi platform on Ethereum

Sberbank executive Konstantin Klimenko said that the bank’s DeFi platform will be open for commerical operations at the end of April.

Cover art/illustration via CryptoSlate

Russian leading lender Sberbank has hinted at plans to launch decentralized finance (DeFi) platform on the Ethereum blockchain by the end of May, 2023, Interfax news reports.

Sberbank director of the blockchain laboratory Konstantin Klimenko disclosed that the Russian bank was at an advanced stage of developing its DeFi platform.

He said that the Ethereum-based protocol is currently in beta testing mode but will be available for open testing in March.

At the end of April, the platform will be fully open, and then it will be possible to carry out some commerical operations on it,’ Klimenko added.

Users will need a MetaMask crypto wallet to connect and trade on the Etheruem-based DeFi platform.

Klimenko said that he is optimistic that DeFi platforms could reduce banking costs and eventually replace traditional banks.

Serbank had earlier received approval to issue digital assets and moved to launch Russia’s first blockchain exchange-traded fund.