Sberbank plans to integrate its blockchain platform with Ethereum-based DeFi system

Sberbank plans to technically integrate its blockchain platform with the decentralized finance (DeFi) ecosystem based on Ethereum, the bank said in a statement.

This, according to the credit institution, will allow developers to freely transfer smart contracts and entire projects between the bank's blockchain network and open blockchain networks.

It is also expected to provide interaction with a wallet for cryptocurrencies and NFT MetaMask (its developer is ConsenSys), with the help of which users will be able to perform operations with tokens and smart contracts hosted on the Sberbank platform.

“We want to build an open platform,” said Alexander Nam, director of the blockchain laboratory at Sberbank, at a profile meetup.

DeFi is a system that allows you to provide and receive an analogue of the usual financial services (crediting, insurance, asset management, as well as perform other operations with crypto assets), but based on distributed ledger technology (blockchain). Transactions are made automatically using smart contracts, and users control their assets themselves. DeFi exists on the principles of anonymity, has no country borders and has ample opportunities to combine various services and products.

CBR i  Treasury --nbsp ; has previously pointed out the risks inherent in DeFi.

"DeFi is also fully inherent in the risks that are present in the field of traditional finance and which are aimed at limiting the regulation of the financial sector and the sphere of monetary circulation (risks to financial stability, reduced effectiveness of monetary policy, possible distortion of competition, weakening the protection of the rights of consumers of financial services ), which require the development of additional approaches to minimize them," the Central Bank said earlier in a report on decentralized finance.