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- Sberbank is testing decentralized finance products as crypto interest grows in Russia.
- The bank expects convergence between DeFi and traditional banking systems.
- Ethereum-based solutions stand at the center of Sberbank’s blockchain plans.
According to the report, Sberbank ranks among Russia’s five largest companies by size and influence. It also remains the country’s biggest bank by customers and reach. New disclosures now reveal that the lender is expanding its presence in decentralized finance as demand for crypto services increases among its clients.
This is indicative of a shift within the Russian finance sector, where a degree of prudence remains, yet a sense of curiosity about what can now be done prevails. Sberbank has now started to experiment with various decentralized finance solutions. This follows the bank noticing increased interest in both consumer and enterprise clients.
Most users are interested in trading and managing digital assets directly as opposed to gaining access to them indirectly. Thus, this has forced major banks to consider the study of DeFi solutions in more detail. Anatoly Popov, the deputy chair of the management board, said:
He emphasized the need for cooperation to make further progress. The bank intends to build digital asset services within a defined legal framework. Popov did not discuss a specific DeFi protocol that was under review. Nevertheless, his remark indicates a concrete intention to shift from research.
Sberbank’s Scale Highlights Crypto Impact
Sberbank has a market capitalization close to 83 billion dollars. It has around 109 million retail and more than three million corporate customers. Even a limited use of DeFi technology at such a massive scale is expected to change crypto availability in their region. This phase is more of a preparation for them and not a full-scale adoption.
Russian banks are more open to the concept of cryptocurrency now. Recently, VTB, a close competitor to Sberbank, reported an increase in demand from its clientele for cryptocurrency possession. They are now opting for the possession of true digital assets rather than derivatives.
In 2025, Russian companies initiated funds, bonds, and indices aligned to the world of cryptography. These track prominent assets, including Bitcoin and Ethereum. Others track prominent exchange-traded funds based in the United States.
However, banks are still not authorized to deal in direct coin trading using banking applications. According to Popov, domestic interest is substantial. Estimates by the central bank attribute a possible 10.5 billion dollars of crypto held by Russian wallets by March 2025.
Sberbank Awaits Clear Rules for Crypto Entry
“Sberbank will certainly take an active stance once a clearer picture of this regulation is formed and if a viable market is established from an economic point of view. Customers would like to conveniently and securely manage their funds. Many are already seeking a means to make intelligent, educated investment decisions.”
The Bank of Russia has always rejected private cryptocurrencies. Governor Elvira Nabiullina has attacked assets such as Bitcoin and advocated a state-led approach through the digital ruble. This has held back bank-level Bitcoin services for several years.
It now seems that the conditions are constantly shifting. The Russian Bitcoin mining industry is steadily on the rise. Traders also use cryptocurrencies for international settlements amid sanctions pressure. This has lessened the stance of the central bank. Popov further clarified that Sberbank is not just focused on private blockchains. The bank is also interested in public blockchains for specified purposes.
It includes asset tokenization and connections with decentralized platforms. Ethereum is distinct due to its developed infrastructure and powerful smart contract technology. It facilitates transparency and cross-border integration. According to Sberbank, tokenized assets have worldwide potential. Russia is currently on track with this.
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