Russia’s largest lender Sberbank says its decentralized finance platform will be ready to launch in May.
The announcement was made by Konstantin Klimenko, Product Manager of the blockchain unit Sberbank, Russian media outlet Interfax reported.
Klimenko said that after the ongoing beta testing, the open testing phase of the system will begin in March.
“We have set a big goal for ourselves – to make the Russian DeFi ecosystem number one,” Klimenko told the 7th Perm Economic Congress.
“By the end of April, the platform will be fully open and then be able to do some commercial activity on it,” he said.
Klimenko said that the blockchain platform will be compatible with Ethereum .
According to him, this system will be especially beneficial for users of the MetaMask cryptocurrency wallet .
Sberbank announced plans to integrate its DeFi blockchain platform with Ethereum on Nov.
Klimenko said he believes in the future DeFi could eventually replace the traditional banking market.
The Russian government also intends to set up a state-run exchange, to collect some tax revenue from the transactions.
Russia’s Largest Bank Supports MetaMask . Crypto Wallet
In addition to developments in Cuba, Russia and Iran have explored the possibilities of a stable currency backed by gold .