- The platform is now under closed beta testing as per Konstantin Klimenko.
- Sberbank stated in September that its platform will support the minting of NFTs.
Interfax reported that Moscow-based state-owned financial services provider Sberbank is developing a decentralized finance (DeFi) application. According to Konstantin Klimenko, head of products for the blockchain lab at Sberbank, the platform is now under closed beta testing.
Based on Ethereum, the platform will be compatible with the Web3 wallet MetaMask. The team at Sberbank anticipates making it accessible to the public by the end of April, with the expectation that it will facilitate widespread, commercial DeFi activities.
Banking on Blockchain Tech
The Bank of Russia authorized the first transfer of digital assets on the Russian banking and financial services behemoth’s platform in June 2022. Sberbank stated in September that its platform will support the minting of non-fungible tokens (NFTs).
Sberbank’s blockchain laboratory executive Klimenko stated:
“We have set ourselves a big goal — to make the Russian defi ecosystem number one. Our network is currently working in closed beta testing format … But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing.”
As of the end of 2021, Sberbank’s assets under management (AUM) were $559 billion, making it the biggest financial institution in Russia behind the Bank of Russia. Additionally, the bank has more than 61% of the Russian Federation card payments market share.
The Russian financial institution introduced the country’s first blockchain-based ETF in January 2022. Since 2015, Sberbank and its management team as well as its subsidiaries have been enthusiastic advocates of blockchain technology.
Russia has been looking to avoid sanctions imposed by the West due to the ongoing Ukraine war and has shown interest in adopting cryptocurrencies and blockchain tech for international payments.
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