Blockchain and cryptocurrencies continue to appeal to Sberbank, which plans to launch its own platform dedicated to decentralized finance (DeFi) in the coming months. According to a representative of Russia’s largest bank, the latter plans to become the “number 1” in this sector.
Sberbank will soon offer a solution for DeFi
Sberbank continues to embrace blockchain and cryptocurrencies. The Russian news agency Interfax has indeed just revealed that the largest bank in Russia, after launching its own blockchain last summer, was going to launch its own decentralized finance platform (Challenge).
According to available information, this platform should see the light of day in its official form by May of the current year. Konstantin Klimenkothe marketing director of the blockchain section of Sberbank, indicated that the platform is currently in its closed beta phase and that the open beta should be accessible as early as next March.
Developed on the Ethereum blockchain (ETH), it should be accessible via wallets compatible with the Ethereum Virtual Machine (EVM) like MetaMask. According to Konstantin Klimenko, Sberbank wants its DeFi product to become the “number one” in this area, and does not exclude the idea that DeFi will eventually supplant the traditional banking market as we know it today.
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However, with Russia still in an unstable position vis-à-vis the regulation of cryptocurrencies, it is difficult to predict how this platform will be offered to Russian citizens and how it will be framed.
Note, however, that the Russian state holds more than 50% of Sberbank’s shares and should therefore be conciliatory, although its positions are not always aligned with those of the Central Bank of the Russian Federation, whose agreement remains essential for this type of activity.
It is currently too early to assess what the impact of such a platform will be within Russia or whether it will be able to develop its ramifications internationally, but Sberbank currently serves more than 110 million retail customersand such a launch could therefore prove to be disruptive.
Relatively rooted in blockchain technology, Sberbank already offers an ETF focused exclusively on this sector and listed on the Russian stock exchange under the ticker SBBE since the end of 2021. In addition, it had obtained the right to issue digital assets in March 2022 from the Central Bank of the Russian Federation.
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Source: Interfax
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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