Russia’s largest bank by total assets plans to deploy an Ethereum (ETH)-compatible decentralized finance (DeFi) platform, according to a report from a Russian news agency.
Interfax reports that the Russian bank Sberbank aims to launch its new DeFi platform by May.
[adinserter block="1"]Sberbank is a majority state-owned bank that is home to one-third of all aggregate banking assets in Russia, according to a United Nations brief.
The bank reportedly hopes to begin open testing on the DeFi platform in March and fully open it up by the end of April with the possibility of conducting commercial operations.
The platform’s customers will be able to use the popular non-custodial wallet MetaMask, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director. Klimenko says he believes DeFi could displace traditional banking.
The European Union (EU) introduced a round of crypto-related sanctions on Russia in October in response to the country’s continued military aggression against Ukraine. The sanctions involved banning all wallet and custody services to Russia, and they came just weeks after the Russian Ministry of Finance and the Bank of Russia acknowledged it was necessary to soon enable cross-border crypto payments.
Ethereum is trading for $1,655 at time of writing. The second-ranked crypto asset by market cap is up over 1% in the past 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/WindAwake
