Sberbank Launches DeFi Platform: Get 150% Welcome Bonus!

• Sberbank, Russia’s largest banking establishment, is set to launch its decentralized finance (DeFi) platform by May.
• The project is currently in closed beta testing and will enter open testing from March 1.
• Sberbank has also obtained a license from the Bank of Russia to issue its own digital token and launched the first blockchain ETF in Russia.

Sberbank’s DeFi Platform

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. 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.

Open Testing Phase

Klimenko said that “From March 1, we are moving into the next phase, it will no longer be beta testing but open testing,” He also mentioned that Sberbank’s DeFi platform would start by providing compatibility with only the MetaMask wallet. In addition, they plan to integrate the project with the Ethereum blockchain enabling seamless transfer of smart contracts and other projects within Ethereum’s ecosystem.

Sberbank And Its Blockchain Ventures

Sberbank is Russia’s largest bank and third largest bank in Europe with assets under management fixed at $559 billion as of 2021. The launch of a DeFi platform only represents Sberbanks latest foray into blockchain space as back in March 2022 they obtained a license from Bank of Russia for operating as digital asset exchange with right issuing their own digital token. Before this development three months prior saw Sber Asset Management launching first blockchain ETF which provides investors exposure portfolio leading blockchain companies like Coinbase and Galaxy Digital while shielding them from severe effects crypto market volatility.

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