Sberbank is the largest bank in Russia. They have announced that they want to launch their platform focused on decentralized finance (DeFi) on the Ethereum (ETH) network. This will reportedly happen within a few months.
Launch possible in May
Sberbank expects to launch open trials of its DeFi platform in May 2023, said Sber’s Blockchain Lab product director Konstantin Klimenko, according to Interfax on February 3.
Sberbank’s DeFi platform is currently being tested in a private beta and will be fully open in April, allowing users to conduct commercial transactions, Klimenko said.
Also, the blockchain platform will be compatible with the Ethereum blockchain, allowing users to move their assets with major wallets like MetaMask. Klimenko also mentioned that users can transfer assets from other platforms.
Launch has been delayed
Sberbank’s DeFi platform is reportedly aiming to become a major DeFi ecosystem within Russia. The announcement is consistent with Sberbank’s previously announced plans to enable DeFi applications on the bank’s infrastructure. In November 2022, Sberbank announced a range of new features for its proprietary blockchain platform, including compatibility with smart contracts and applications on the Ethereum network.
It seems unclear how the upcoming platform will be regulated as Russia has yet to come up with digital currency regulation. According to Anatoly Aksakov, the head of Duma’s Financial Markets Committee, Russia will adopt some form of crypto regulation in 2023.
The Sberbank has had some problems launching blockchain tools in recent years. This is because they had been delayed in their registration with the Russian Central Bank. Initially, the Sberbank hoped for a launch of their DeFi platform in 2021. However, they did not get approval for their platform until later, in the spring of 2022. Now the plan is to launch it within a few months.