Russian banking giant Sberbank is set to launch its DeFi platform by May this year.reportfrom Russian news media Interfax
The DeFi platform will be built on top of the Ethereum network. Users can use Metamask on the platform. DeFi is a platform for lending through smart contracts and without an intermediary.
Sberbank’s director of blockchain products, Konstantin Klimenko, said the bank’s DeFi network is in beta build. which will test the network on March 1, 2023
Speaking at the Economic Congress, Klimenko said DeFi would replace traditional banking in the future.
Sberbank had previously applied for a license from the Central Bank of Russia to operate a digital asset business prior to its launch. Exchange-traded fund (ETF) first in Russia
In addition, Sberbank has more than 10 million customers and more than 1 million corporate customers.
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