Sberbank Tests DeFi Products, Eyes Ethereum Integration in Crypto Push

Popov mentioned that Sberbank intends to develop digital asset offerings in collaboration with regulators. He expressed confidence in an upcoming convergence between traditional banking and DeFi platforms. Despite some caution, Russian banks like Sberbank and competitor VTB are seeing their customers prefer owning actual cryptocurrencies over derivatives. This year, several large Russian companies have launched crypto-related funds, bonds, and indices linked to assets like Bitcoin and Ethereum, as well as tracking U.S.-based crypto exchange funds.

However, banks are awaiting clear regulatory approval before enabling customers to trade cryptocurrencies directly via banking apps. The central bank estimates that cryptocurrency holdings in Russian wallets could reach around $10.5 billion by March 2025, reflecting growing popularity. Popov highlighted that Sberbank plans to actively participate in this market once regulations and economic conditions align.

The Central Bank of Russia has shown a complex stance toward cryptocurrencies. While it supports blockchain technology, its governor Elvira Nabiullina has voiced opposition to private cryptocurrencies such as Bitcoin, advocating instead for state-backed digital ruble projects. Despite prior calls for a broad ban on crypto, the central bank’s position has softened amid a growing Bitcoin mining industry and increased cross-border crypto usage.

In line with this shift, Sberbank is developing projects involving both private and public blockchain networks. Popov indicated the bank’s interest in platforms with mature infrastructure and smart contract capabilities, naming Ethereum as an example. According to Popov, these networks provide flexible integration, transparency, and international market access. “Tokenised assets are being actively tested around the world,” he said, noting that Russia is now moving in this direction.