Sberbank, Russia's largest bank, is testing a range of DeFi products.

PANews reported on December 16th, citing DL News, that Sberbank, Russia's largest bank, stated it is testing a range of DeFi products given its clients' growing interest in trading and holding cryptocurrencies. Anatoly Popov, Deputy Chairman of the Governing Board of Sberbank, told RBC that the bank will "work with regulators to develop digital asset products," adding, "Sberbank is already testing various DeFi products. We firmly believe that traditional banking and DeFi will soon converge." Popov did not mention specific DeFi protocols.

Popov also mentioned, “We are not limited to private networks. Sberbank is also working on projects involving the use of public blockchains for specific purposes, such as asset tokenization or establishing connections with DeFi platforms.” He stated that the bank is interested in operating on “networks with well-developed infrastructure and robust smart contract tools, such as Ethereum,” because networks like Ethereum “offer flexible integration options, ensure transparency, and facilitate access to international markets.” Popov concluded, “Tokenized assets are being actively tested globally. Russia is now also moving in this direction.”