Major Russian lender Sberbank has hinted at plans to launch a decentralized finance (DeFi) platform on the Ethereum blockchain by the end of May 2023. Interfax news report.
Sberbank, head of blockchain research institute Konstantin Klimenko, has revealed that the Russian bank is at an advanced stage of development of its DeFi platform.
He said the Ethereum-based protocol is currently in beta testing mode, but will be available for open testing in March.
At the end of April, the platform will be fully open and we will be able to perform some commercial operations on it,” added Klimenko.
A MetaMask crypto wallet is required to connect and trade on Etheruem-based DeFi platforms.
Klimenko said he was optimistic that DeFi platforms could reduce costs for banks and eventually replace traditional banks.
Cellbank had previously received approval to issue digital assets and was working to launch Russia’s first blockchain exchange-traded fund.
