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Sberbank to Launch DeFi Platform in May

According to a report by Interfax, Russia's largest bank, Sberbank, is set to launch a decentralized finance (DeFi) platform in May.

Sberbank store
Sberbank store

The platform will be based on the Ethereum network, accessible through the MetaMask wallet extension.

DeFi to Displace Traditional Banking Services

Product Director of Sberbank's blockchain laboratory, Konstantin Klimenko, announced the bank's DeFi network will be in closed beta testing until March 1, when it will turn into open testing. Klimenko stated that DeFi could replace traditional banking services in the future.

Sberbank's Crypto Ventures

Sberbank has been exploring the crypto space for a while. Last March, it received a license to issue and exchange digital assets from Russia's central bank. It also launched Russia's first blockchain ETF a few months prior. With over 110 million customers and one million corporate clients, Sberbank is poised to significantly impact the DeFi space.