Sberbank Launches DeFi Platform: Russia’s Biggest Bank Joins the Blockchain Revolution

• Sberbank, the largest banking institution in Russia, is set to launch its decentralized finance (DeFi) platform by May.
• The bank was granted a license to operate as a digital asset exchange in March 2022 and also launched an ETF in December 2021.
• Sberbank’s DeFi platform will be integrated with the Ethereum blockchain and support the MetaMask wallet.

Sberbank Launching Decentralized Finance Platform

Russia’s biggest banking institution, Sberbank, is on track to launch its decentralized finance (DeFi) platform by May. Konstantin Klimenko, Product Director of Sberbank’s Blockchain Laboratory stated at the 7th Perm Economic Congress that the Russian majority-owned bank intends to roll out the project in stages.

License to Operate Digital Asset Exchange

In March 2022, the Russian central bank granted the enterprise a license to operate as a digital asset exchange. This would allow the platform to issue its own digital token and provide services such as market making and custody services for cryptocurrency exchanges.

First Blockchain ETF in Russia

Earlier in December 2021, Sberbank’s investment arm announced the launch of first blockchain ETF (Exchange Traded Fund) in Russia. This fund provides investors exposure to leading blockchain companies such as Coinbase and Galaxy Digital while protecting them from severe market volatility of crypto industry.

Integration with Ethereum Blockchain

Sberbank’s DeFi platform would initially support only MetaMask wallet but later on integration with Ethereum blockchain will be possible allowing for seamless transfer of smart contracts and other projects within Ethereum ecosystem.

Open Testing Phase

Beginning 1 March 2021, Sberbank will no longer be in beta testing but instead move into open testing phase where some commercial operations can take place over it .The platform will be fully operational by end of April 2021 .