BlocksInform
Russia’s largest lender Sberbank is working on a decentralized finance (DeFi) platform to launch in May on Ethereum. According to a report shared with the local news agency, interfax, the system is currently running a closed beta which will be transformed into open tests in March.
The announcement was made at the 7th Permanent Economic Congress on Friday by the product manager of sberbank blockchain lab, konstantin klimenko, that described technology as the new bank of tomorrow. "Our big goal is to make the Russian challenge the number one ecosystem," he said.
The Defi Network is to Be Operational by April
Klimenko said, as of April, the new system would be operational and support commercial transactions. It would run on ethereum and would be available on the crypto wallet extension metamask, he noted, adding that the defi service has the potential to replace the conventional bank.
Decentralized or challenging finance is a system that allows users to access financial services such as loans, investments and insurance through distributed LEDGER technology, also called blockchain. It uses intelligent contracts or self-performing computer programs that operate on an anonymous basis and are not controlled by third parties.
This is not the first time that sber bank has explored blockchain technology, in particular in light of sanctions against Russia since it invaded neighboring Ukraine. In March 2022, the lender was granted a licence to issue and trade digital assets, shortly after sanctions forced it to reduce its activities in most European countries.
Even before the license was issued, the bank was already working on Russia's first blockchain ETF from 2021 onwards. Known as the sber blockchain economy etf, the fund provides investors with exposure to crypto trading firms as the money base.
