• Sberbank, Russia’s biggest banking establishment, is ready to have its decentralized finance (DeFi) platform operational by May.
• The project is currently in closed beta testing and open testing will begin in March.
• Sberbank has also obtained a license from the Bank of Russia to operate as a digital asset exchange and launched an ETF providing investors with exposure to leading blockchain companies.
Sberbank Readying DeFi Platform
Sberbank, Russia’s largest banking establishment, is making preparations for launching its decentralized finance (DeFi) platform by May. According to a report on February 3 by the Russian news agency Interfax, Product Director of the Blockchain Laboratory of Sberbank Konstantin Klimenko announced that the project was in closed beta testing stage with open testing set to begin in March.
Testing & Integration Process
Klimenko explained that the platform would initially be compatible with only the MetaMask wallet but plans are underway to integrate it with Ethereum blockchain so as to enable seamless transfer of smart contracts and other projects within Ethereum ecosystem. He added that once open testing begins in March, commercial operations would commence at end of April.
Other Blockchain Ventures
This development represents Sberbank’s latest foray into blockchain space as earlier this year it had obtained a license from Bank of Russia allowing it to operate as digital asset exchange and issue its own token. In addition, last December, Sber Asset Management had announced launch of first blockchain exchange-traded fund (ETF) which offers investors protection against crypto market volatility while providing them exposure to portfolio comprising leading blockchain companies like Coinbase and Galaxy Digital.
Key Takeaways
• Sberbank is making progress towards launching its DeFi platform in May this year after initial closed beta testing phase ends and open testing begins in March 2021.
• The bank has also obtained a license from Bank of Russia allowing it to act as digital asset exchange and issued its own tokens along with launching ETF which provides investors access portfolio comprising leading blockchain companies while shielding them from crypto market volatility.
Conclusion
With these developments taking place, Sberbank appears keen on positioning itself at forefront when it comes utilizing power of blockchain technology for financial services industry while intent on making Russia leader in DeFi operations through timely launch DeFi platform this spring.