A year ago, the idea of a Russian megabank flirting with DeFi sounded far-fetched. Today? It’s quietly happening.
Sberbank, Russia’s largest bank, says it’s already testing decentralized finance products as customer interest in crypto keeps climbing. Not talking about it. Testing it.
In an interview with local outlet RBC, Anatoly Popov, Sberbank’s deputy chairman, made it clear the demand is real. And growing fast.
“We are already testing various DeFi products,” Popov said. “Traditional banking and DeFi will soon converge.”
That’s a big statement coming from a bank with a market cap of roughly $83 billion and more than 100 million retail customers.
Crypto Demand Is Pushing Banks Forward
Popov didn’t name the specific DeFi protocols under review. No surprises there. Russian banks are still moving carefully. But the direction is obvious.
Clients want crypto exposure. Not derivatives. Not price trackers. The real thing.
This shift is partly driven by Moscow’s plan to introduce clearer crypto regulations in 2026. That has given banks room to start preparing, even if they can’t fully launch yet.
Earlier this month, VTB, one of Sberbank’s biggest rivals, said its own customers are asking to buy actual crypto assets, not synthetic products. That’s a notable change in tone.
In 2025 alone, major Russian firms rolled out crypto-linked funds, bonds, and indices tied to Bitcoin, Ethereum, and even U.S.-listed crypto ETFs. Interest isn’t fading. It’s spreading.
What’s missing is simple access. Customers still can’t buy and sell coins directly inside banking apps. That’s the final piece banks are waiting on.
Russians Are Already Holding Billions in Crypto
Popov shared a telling stat.
By March 2025, Russian wallets are expected to hold about $10.5 billion worth of crypto, according to central bank estimates. That’s not fringe behavior. That’s mainstream demand.
“Sberbank plans to actively engage in this market,” Popov said. “But only once clear regulations are in place and it makes economic sense.”
He added that customers are actively searching for easy, compliant ways to invest in crypto. They’re not gambling. They’re making deliberate choices.
The Central Bank Is Still the Wild Card
For years, the biggest roadblock has been the Bank of Russia.
While it supports blockchain tech, its leadership has been openly hostile toward private cryptocurrencies like Bitcoin. Governor Elvira Nabiullina has even called for outright bans in the past, while promoting the digital ruble instead.
But things are changing.
Crypto mining is booming in Russia. Traders are increasingly using crypto for cross-border settlements that bypass sanctions. And the central bank’s tone has softened, even if cautiously.
Popov’s comments hint at that shift.
“We are not limiting ourselves to private networks,” he said. “We are also exploring public blockchains.”
That includes asset tokenization and links to DeFi platforms. Yes, real DeFi.
Why Ethereum Is on Sberbank’s Radar
Popov specifically pointed to networks like Ethereum.
Why? Infrastructure. Smart contracts. Global reach.
Ethereum, he said, offers flexible integration, transparency, and access to international markets. In short, it works.
“Tokenized assets are being tested globally,” Popov concluded. “Russia is now moving in that direction too.”
Slowly. Carefully. But undeniably forward.
For a country where banks once wanted crypto banned outright, even testing DeFi is a quiet but powerful signal.
