On Feb. 3, Sberbank, Russia’s biggest bank, announced that it plans to launch a DeFi platform, which will offer the latest decentralized finance technology.
Russia’s leading bank ready to roll out DeFi
Sberbank is preparing to launch a DeFi platform offering the latest decentralized finance technology. The open testing phase is set to begin soon, and it will launch the platform before May 2023.
According to a statement by Konstantin Klimenko at the 7th Perm Economic Congress, the goal is to make the Russian DeFi ecosystem the top decentralized finance system. The network has been undergoing closed beta testing.
“We aim to make the Russian DeFi system the best in the game! Right now, we’re in a testing phase, but starting Mar 1, it’ll be open to everyone to try out.”Sberbank.
Sberbank’s DeFi Platform to Enter Open Testing in March
Sberbank announced that it is launching the new DeFi platform on the Ethereum blockchain and will be open for testing by Mar. 1, 2023. The platform will allow users to do all sorts of financial stuff like lend, borrow, and trade.
Konstantin Klimenko states that Sberbank is running this test before launching their new DeFi platform to get feedback from users and make changes if needed. The test period will last several months, and they’ll pay attention to how everything works.
Making DeFi more accessible
The DeFi platform will be easy to use, with a simple interface allowing users to access and use all the financial services offered. It will offer lending, borrowing, trading, yield farming, and earning rewards to provide liquidity to the platform.
Sberbank’s new platform will create a platform to bring DeFi to more people and make it easier for everyone to use. It will also integrate the large software cryptocurrency wallets MetaMask and Coinbase.
Sberbank first hinted at the system in November of the previous year when it said preparations were being made to incorporate Ethereum into its DeFI ecosystem.
What dates should you mark?
Klimenko said that more testing would be able to take place on the platform starting in March, according to the report. The platform is now undergoing closed beta testing by the rules governing financial transactions.
In addition, the official from the bank said that commercial activities on the system are anticipated to begin by the end of April.
Users of MetaMask will be able to connect to the site using their wallets hosted on Ethereum, the cryptocurrency industry’s biggest DeFi blockchain, which now has a total value locked (TVL) of more than $29 billion.
Russia showing interest in crypto
The Russian bank has been closely watching the cryptocurrency market for some time now. The bank launched Russia’s first exchange-traded fund (ETF) in December 2021, called the Sberbank Blockchain Economy ETF. The product is listed on the Russian stock market with the ticker symbol SBBE and may be traded.
Also, the Russian Central Bank granted Sberbank a license to deal in cryptocurrencies in March of 2022. The permit gave the bank authority to issue and trade digital assets by the legislation governing the financial industry.
According to its website, Sberbank has about 110 million retail and one million institutional customers. The move is reminiscent of the sentiments that Josh Fraser, the Origin Protocol co-founder, hailed Ethereum as the “foundation layer of innovation for the bulk of DeFi).
According to Fraser’s speculation, ether (ETH) will enjoy increasing momentum as more protocols, corporations, and governments join the Ethereum network and create decentralized solutions.