Sberbank wants to introduce a DeFi platform based on Ethereum in May

In March of this year, the stage of ‘open testing’ for a platform designed by Russia’s Sberbank and based on Ethereum’s decentralized finance (DeFi) technology will begin.

Moreover, according to information supplied by Konstantin Klimenko, Product Director of the Blockchain Laboratory at Sberbank, the introduction of the platform may be feasible before May, as reported by Interfax on February 3.

Friday, February 3, Klimenko responded to a query from the attendees of the seventh Perm Economic Congress by stating:

“We have set a high objective: to make the Russian DeFi ecosystem number one in the world. Our network is currently in the closed beta testing phase. (…) On March 1, we will transition to the next phase; open testing will replace beta testing.”

He added: The platform will be completely operational by the end of April, at which point it will be feasible to conduct commercial transactions.

Klimenko claims that the blockchain platform would be compatible with Ethereum. Users using MetaMask-compatible crypto wallets will be able to access the system in particular. Additionally, he said that clients will be able to transfer their crypto holdings from current platforms to new ones.

Klimenko believes that the DeFi system has the potential to replace the traditional banking industry in the future.

In November, Sberbank announced its desire to build a technology connection between its blockchain platform and the Ethereum-based decentralized financial ecosystem. Nonetheless, both the Central Bank of the Russian Federation and the Ministry of Finance were previously made aware of the danger linked with DeFi.

Also Read: City In China Aims For $300 Billion In Digital Yuan Transactions By 2023

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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