Russian State Bank to Launch Decentralized Exchange

According to the news reported by local media agency Interfax, Russian Sberbank bank plans to launch the Ethereum-based DeFi platform by May. The blockchain platform will be compatible with Ethereum. MetaMask crypto wallet users will be able to use the system primarily.

The decentralized finance (DeFi) platform being developed by Sberbank will start open tests in March. This statement was made by Konstantin Klimenko, director of blockchain lab products at Sberbank:

“We set ourselves a big goal, to make the Russian DeFi ecosystem number one. Our network is currently running in closed beta testing format. From March 1, we move to the next phase, it will be open testing, not beta testing. At the end of April, the platform will be fully open and then It will be possible to carry out some commercial operations on it.”

Klimenko added that users will be able to transfer their crypto assets from other platforms as well. Klimenko believes that DeFi can replace the traditional banking market in the future.

Sberbank announced in November that it plans to technically integrate its blockchain platform with the Ethereum-based Decentralized Finance Ecosystem (DeFi). DeFi is a system based on distributed ledger technology (blockchain) that allows to provide and implement an analogue of the usual financial services (lending, insurance, asset management and other transactions with crypto assets). Transactions are done automatically via smart contracts and users control their own assets.