Russia’s Largest Bank to Launch DeFi Platform

Russia’s Largest Bank to Launch DeFi Platform

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Sberbank, the largest bank in Russia, is on the path to launching its DeFi platform on the Ethereum blockchain by May, according to local media.

The move was announced by Sber’s Blockchain Lab product director Konstantin Klimen, the report said.

The platform is currently undergoing a test in a private beta, and following this, the platform will be launched by the end of April after which users will be allowed to carry out their first transactions, Klimen noted.

Additionally, the platform will be unveiled on the Ethereum blockchain and users will be allowed to use major wallets like MetaMask to move their assets, also, customers will be able to transfer their assets from other platforms, a statement from the executive read.

Sberbank had earlier announced plans to let DeFi applications on the infrastructure of the financial institution, the recent announcement is in line with the previously announced plans by the bank.

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