Sberbank is launching its Decentralized Finance (DeFi) platform based on the Ethereum blockchain. The Russian banking giant plans to release the platform in the next few months. 

The DeFi platform will allow users to perform all banking operations, including lending, borrowing, and investing. Sberbank said it wants to make the Russian DeFi system the best in the world. 

Sberbank is beta-testing the platform, according to Konstantin Klimenko, head of products at Sberbank’s blockchain laboratory. Open testing will start in March, and commercial operations should start in April. 

Sberbank’s DeFi platform will be compatible with Ethereum, the largest blockchain platform for smart contracts.  

Proponents of DeFi claim that the technology could make banking cheaper and more accessible. However, DeFi is still in its early stage and requires significant investment to become a reality. 

Sberbank’s investment in DeFi could help push the technology into the mainstream.