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Sberbank To Launch New DeFi Platform 

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As per a news report released by the news site Interfax, the state-owned financial services company Sberbank located in Moscow, is planning to launch a decentralized financing application.

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It is in close beta test, per Konstantin Klimenko, Sberbank's blockchain laboratory director of product development.

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“We have set ourselves a big goal — to make the Russian defi ecosystem number one,” Klimenko said.

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“Our network is currently working in closed beta testing format … But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing,” Sberbank’s blockchain laboratory executive added.

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Its platform is built on Ethereum it will integrate into conjunction with Web3 digital wallet Metamask.

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Sberbank's team hopes to release it at this time in April. 

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Hopes that it will allow the largest-scale defi operation in commercial terms.

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In June 2022, the Russian bank and finance giant carried out the first transfer of assets digitally through its platform. 

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The transaction was accepted by the Bank of Russia.

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September was when Sberbank revealed that their platform would permit an indefinite token-mining process.

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