Sberbank of Russia intends to launch the DeFi platform on Ethereum :

DeFi systems have the potential to displace the existing banking services sector, according to Konstantin Klimenko, product director at Sber's Blockchain Lab.

Sberbank, Russia's largest bank, is pressing forward with its ambition to deploy its decentralized financing (DeFi) platform, with plans to trial the product in the coming months.

Sberbank's Cryptocurrency Lab product executive Konstantin Klimenko revealed on Feb. 3 that open trials of its DeFi network will begin in May 2023, according to the local news outlet Interfax.

Sberbank's new DeFi platform, which is now in private beta, will be completely operational by the end of April, allowing customers to execute the first commercial activity, according to Klimenko.

The executive stated that the blockchain network will be functional with the Ethereum network, and access online to move their assets using major wallets such as MetaMask. Klimenko also mentioned that individuals will be able to move assets from other sites.

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