Russia's largest bank Sberbank tests DeFi products

ChainCatcher news, according to Dlnews, Russia's largest bank Sberbank is testing a variety of decentralized finance (DeFi) products in response to the growing demand for cryptocurrency trading from its customers.

Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, stated that Sberbank will work with regulators to develop digital asset products and believes that traditional banking and DeFi will soon converge. Although the Central Bank of Russia has previously taken a cautious stance on cryptocurrencies, its position has softened as Russia's bitcoin mining industry grows and more traders use cryptocurrencies as tools for cross-border settlements. Sberbank also expressed interest in public blockchains such as Ethereum, and plans to explore asset tokenization and connections with decentralized finance platforms. Reportedly, Sberbank has a market capitalization of about $83 billion, with approximately 109 million retail customers and over 3 million corporate clients.