Russia’s Sberbank Launching its Own Ethereum DeFi Platform By DailyCoin

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Russia’s Sberbank Launching its Own Ethereum DeFi Platform

Published Feb 03, 2023 02:00PM ET Updated Feb 03, 2023 03:30PM ET

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Russia’s Sberbank Launching its Own Ethereum DeFi Platform

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Sberbank’s DeFi platform will allow users to perform banking operations such as lending and saving.
Beta testing starts in March, while commercial operations should start in April.
Russia has had an ambivalent approach to crypto since it invaded Ukraine.

Sberbank is launching its Decentralized Finance (DeFi) platform based on the Ethereum blockchain. The Russian banking giant plans to release the platform in the next few months.

The DeFi platform will allow users to perform all banking operations, including lending, borrowing, and investing. Sberbank said it wants to make the Russian DeFi system the best in the world.

Sberbank is beta-testing the platform, according to Konstantin Klimenko, head of products at Sberbank’s blockchain laboratory. Open testing will start in March, and commercial operations should start in April.

Sberbank’s DeFi platform will be compatible with Ethereum, the largest blockchain platform for smart contracts.

Proponents of DeFi claim that the technology could make banking cheaper and more accessible. However, DeFi is still in its early stage and requires significant investment to become a reality.

On the Flipside

Russia has had an ambivalent relationship with crypto since its war in Ukraine began. On the one hand, Russia’s President Vladimir Putin proposed replacing the SWIFT payment system with a blockchain network.
On the other hand, Russia banned crypto mining in residential areas to reduce energy consumption.

Why You Should Care

Sberbank’s investment in DeFi could help push the technology into the mainstream.

You may also like:

Russia Announces Plans to Use Blockchain to Replace SWIFT

Mining Bitcoin: Russia Bans Mining in Residential Zones Whilst Japan Capitalizes on Spare Energy

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