Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum
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A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March. Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director. “We have set ourselves a big goal — to make the Russian defi
Key Highlights Sberbank may soon offer loans backed by cryptocurrencies like Bitcoin and Ethereum for ruble loans. The bank has issued 160+ digital assets this year, including Russia’s first real estate- and oil-backed tokens. Russia plans to classify cryptocurrencies as “currency assets” and allow retail investors access by 2026. Russian…
Sberbank has launched Russia’s first Bitcoin-secured bonds to appeal to qualified investors in OTC markets and aims to list on the Moscow Exchange. The bonds provide an investment in the price fluctuations of Bitcoin as well as the strength of the US dollar against the ruble. All transactions are settled…
By the beginning of May 2023, Sberbank plans to launch a platform for transactions with tokens. It will become part of the DeFi decentralized finance market. As Konstantin Klimenko, Product Director of the Sberbank Blockchain Laboratory, noted, extensive testing of the trading platform will start in March. The State Bank…