{"id":17256,"date":"2023-02-03T20:41:09","date_gmt":"2023-02-03T20:41:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sberbank-set-to-launch-decentralized-finance-platform-based-on-ethereum-defi-bitcoin-news\/"},"modified":"2023-02-03T20:41:09","modified_gmt":"2023-02-03T20:41:09","slug":"sberbank-set-to-launch-decentralized-finance-platform-based-on-ethereum-defi-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sberbank-set-to-launch-decentralized-finance-platform-based-on-ethereum-defi-bitcoin-news\/","title":{"rendered":"Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum \u2013 Defi Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A recent report details that Russia\u2019s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank\u2019s blockchain laboratory, said that open testing will begin in March.<\/strong><\/p>\n

Sberbank\u2019s Defi Platform to Enable Large-Scale Commercial Operations<\/h2>\n

According to a report<\/a> published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank\u2019s blockchain laboratory product director.<\/p>\n

\u201cWe have set ourselves a big goal \u2014 to make the Russian defi ecosystem number one,\u201d Klimenko said. \u201cOur network is currently working in closed beta testing format \u2026 But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing,\u201d Sberbank\u2019s blockchain laboratory executive added.<\/p>\n

The platform, which will be based on Ethereum, will work with the Web3 wallet Metamask<\/a>. Sberbank\u2019s team aims to make it publicly available by the end of April and hopes it will enable large-scale commercial defi operations. In June 2022, the Russian banking and financial services giant conducted<\/a> the first digital asset transfer on its platform, which was approved<\/a> by the Bank of Russia. In September, Sberbank announced<\/a> that its platform will also allow non-fungible token (NFT) minting.<\/p>\n

Besides the Bank of Russia, Sberbank is Russia\u2019s largest financial institution with $559 billion in assets under management (AUM) as of 2021. The bank is also the leader in the card payments industry in the Russian Federation, commanding more than 61% of the market. In January 2022, the Russian banking firm launched<\/a> Russia\u2019s first blockchain exchange-traded fund (ETF). Sberbank, its executive members<\/a>, and its subsidiaries have been fans of blockchain technology since 2015.<\/p>\n

What do you think about Sberbank\u2019s goal to make the Russian defi ecosystem number one? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Fotokon \/ Shutterstock.com<\/em><\/p>\n

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