Russia’s Largest Bank “Sberbank” Plans to Introduce DeFi Platform On The Ethereum Network

Sberbank, Russia’s largest bank, plans to release its DeFi platform on the Ethereum network. Interfax reports that the launch of the decentralized finance system is scheduled for before May, with open testing in March.

The product director of Sberbank’s Blockchain Laboratory, Konstantin Klimenko, made the announcement, stating that the goal of the Sberbank DeFi platform is to support the growth of the Russian ecosystem.

Sberbank, Russia’s largest bank, has a history of advancements in blockchain and digital assets. The bank completed its first digital transaction in summer 2022 and launched its own cryptocurrency in April of that year.

Now, the bank is delving further into the DeFi space by launching its own DeFi platform. According to Klimenko, open testing will start in March and the platform will be fully operational by the end of April, with a launch planned for May.

According to Klimenko, the blockchain platform will initially be built on the Ethereum network and users will be able to access it through the MetaMask extension that has been available within Sberbank’s digital ecosystem since December.

Sberbank is the largest financial institution in the country with over 110 million individual customers and one million corporate clients, as reported by Coindesk. Klimenko spoke at an Economic congress on Friday and expressed his belief that DeFi has the potential to replace traditional banking services in the future.

Back in November last year, Putin spoke at the International AI Journey Conference in Moscow, where he criticized the sanctions and the global financial payment systems in general. The president therefore urges for an independent and blockchain-based payment network. In his speech, he stated that:

“The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries. I am confident that something like this will certainly be created and will develop, because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves.”