• Russia’s biggest bank Sberbank has announced plans to launch its Ethereum-based DeFi platform in May.
• The product director of Sberbank’s blockchain lab Konstantin Klimenko believes that DeFi technology will take the place of traditional banks.
• Ethereum is on the way to an unprecedented price point, and its native token ETH could go from current price levels of $1,677 to $2,000 and above with a Shanghai upgrade scheduled for March.
Russia’s Biggest Bank Launching DeFi Platform on Ethereum
Russia’s biggest bank Sberbank is set to launch its decentralized finance (DeFi) platform on Ethereum come May. The DeFi platform is currently undergoing testing in private beta and customers will be able to make commercial transactions at the end of April or the start of May.
Belief in DeFi Technology
The product director of Sberbank’s blockchain lab, Konstantin Klimenko, is vocal about his belief that DeFi technology will replace traditional banks. He has stated that they have “set ourselves a big goal – to make the Russian DeFi ecosystem number one (decentralized finance system – IF). Our network is now operating in the format of closed beta testing” and from March 1st will move into open testing at the end of April.
Ethereum Price Performance
At present, Ethereum stands out as one of the few alternative assets blinking green in terms of price performance with 7 days gain being above 6%. Ethereum’s current price level is around $1,677 but analysts believe this could increase substantially with an upcoming Shanghai upgrade scheduled for March possibly pushing ETH up to $2,000 or more.
Adoption Favors Ethereum Network
Adoption favors any network and it looks like this time it may be Ethereum’s turn as Sberbanks decision continues their plans to merge their own country’s blockchain ecosystem with Decentralized Finance on Ethereum.
With all indications pointing towards increased adoption and use cases along with a possible rise in prices due to an upcoming upgrade, 2021 looks like it could be another great year for Etheruem investors.