• Sberbank, Russia’s largest banking establishment, is planning to launch its decentralized finance (DeFi) platform by May.
• Product Director of the Blockchain Laboratory of Sberbank Konstantin Klimenko stated that the project will be in beta testing phase until March and then fully open at the end of April.
• In March 2021, Sberbank obtained a license from the Bank of Russia to operate as a digital asset exchange with permission to issue its own digital token and in December 2020, they launched their first blockchain ETF.
Sberbank Plans DeFi Platform Launch for May
Sberbank, Russia’s biggest banking establishment, is ready to have its decentralized finance (DeFi) platform operational by May. According to a report on February 3 by the Russian news agency Interfax, the Russian majority state-owned bank plans to roll out the project in multiple steps based on statements by the Product Director of the Blockchain Laboratory of Sberbank, Konstantin Klimenko.
Beta Testing Phase
Speaking at the 7th Perm Economic Congress on Friday, Klimenko stated Sberbank’s mission of making Russia the leading nation in DeFi operations. He then commented on the highly anticipated project, saying it was in the closed beta testing phase, with open testing set to begin in March. “From March 1, we are moving into the next phase”, he said,”it will no longer be beta testing but open testing.” Klimenko also mentioned that Sberbank’s DeFi platform would start by providing compatibility with only MetaMask wallet and plans to integrate it with Ethereum blockchain enabling seamless transfer of smart contracts and other projects within Ethereum ecosystem.
Asset Management Ventures
Sberbank is Russia’s largest bank and third largest bank in Europe with assets under management fixed at $559 billion USD in 2021. Launching DeFi platform only represents latest foray into blockchain space as In March 2022 they obtained license from Bank Of Russia to operate as digital asset exchange and permission to issue own digital token while three months before this development Sber Asset Management announced launch of first blockchain ETF providing investors exposure portfolio leading blockchain companies shielding them severe effects crypto market volatility.
Digital Token And Exchange Licence
In December 2020 ,SBER Asset Management launched their first blockchain ETF which provides investors exposure portfolio leading blockchain companies like Coinbase & Galaxy Digital while shielding them from severe effects crypto market volatility . In addition ,March 2022 saw them obtaining licence from Bank Of Russia for operating as digital asset exchange along with permission for issuing own digital token .
Through these ventures ,SBER has established itself as one of major players in global blockchain space . By launching their decentralised finance platform ,they are taking yet another step towards becoming leader nation when it comes running DeFI operations .