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Leading 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 reports.
Sberbank director of the blockchain laboratory Konstantin Klimenko revealed that the Russian bank is at an advanced stage in developing its DeFi platform.
He said that 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 opened, and then it will be possible to carry out some commercial operations on it,” Klimenko added.
Users will need the MetaMask crypto wallet to connect and trade on the Etheruem-based DeFi platform.
Klimenko is optimistic that DeFi platforms can reduce banking costs and eventually replace traditional banks.
Serbank has previously received approval to issue digital assets and is moving to launch Russia’s first blockchain exchange-traded fund.
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