• Russia’s biggest bank, Sberbank, is launching a DeFi platform on Ethereum in May.
• The product director of the bank’s blockchain lab has voiced his support for decentralized finance technology.
• Technical analysts believe that Ethereum’s upcoming Shanghai upgrade could drive its price to $2,000 and beyond.
Russia’s Sberbank Launches Decentralized Finance (DeFi) Platform
Russia’s biggest bank Sberbank is set to launch its Ethereum-based DeFi platform in May. It has already started private beta testing and will soon open to customers for commercial transactions. The product director of the bank’s blockchain lab has expressed confidence in DeFi technology as a viable alternative to traditional banking systems.
Why Is Ethereum the Perfect Choice?
Ethereum is an ideal Blockchain for the Sberbank DeFi platform due to its compatibility with wallets like MetaMask. This means that users can easily pair their wallets with the platform and take advantage of all its features. Additionally, the adoption of Ethereum by any sector usually results in positive outcomes for both parties involved.
What Can We Expect From ETH Price?
At present, Ethereum is doing well in terms of price performance; it has gained 6% over the past 7 days alone. Although ETH hasn’t yet reached $2,000, there are high hopes that this could change when the Shanghai upgrade takes place sometime in March 2021. Technical analysts have also noted this possibility, suggesting that this week may bring some major changes to ETH’s momentum and market value alike.
Will DeFi Take Over Traditional Banking Systems?
Konstantin Klimenko, who works as product director at Sberbank’s blockchain lab, believes that decentralized finance technologies will eventually replace traditional banking systems altogether. While this may seem far off right now, Klimenko does suggest that these technologies will become more prominent over time and could revolutionize how we manage our finances forevermore.
Sberbank’s decision to launch its DeFi platform on Ethereum has generated much excitement within the crypto world – especially when it comes to potential impacts on ETH’s market value following the upcoming Shanghai upgrade later this month. Furthermore, Konstantin Klimenko believes that such platforms will ultimately lead to a shift away from centralised banking systems towards decentralised ones – something which could revolutionise finance as we know it today!