Russia’s largest bank Sberbank is planning to launch its decentralized finance (DeFi) platform with trials of the product expected within a few months as reported first on local news outlets Interfax. Sberbank has more than 110 million customers in additional to one million corporate clients
By May of 2023, Sberbank expects to launch open trials. Sber’s Blockchain Lab product director Konstantin Klimenko announced today. The news also indicated that users will be able to transfer their assets from other platforms.
The blockchain platform that is currently in Beta mode, will be compatible with the Ethereum blockchain, allowing customers to use major wallets like MetaMask to move their assets.
Russian Banks considering DeFi
The announcement is not a surprise as the leading Russian Bank had previously revealed plans to test decentralised finance applications within its current banking infrastructure.
Earlier this week it was reported that Russian crypto users were being offered ready made crypto exchange account on the dark web. It has seen a surge in the offering of unrestricted accounts for global cryptocurrency exchanges to Russian traders in the last year, as their access to such platforms is limited due to sanctions.
