​Russia’s Sber expands access to its own ComUnity DeFi platform

What’s new? Sber has expanded developer access to its own blockchain platform ComUnity. Members of the blockchain community created by the bank can connect to it in test mode. Alexander Nam, Head of Blockchain Lab at Sberbank, told about it at the conference “Finance of the Future: Challenges and Opportunities.” ComUnity was created on the basis of the Ethereum blockchain and allows the creation of an infrastructure for the issuing and circulation of digital assets.

RBC-Crypto’s material

What else is known? As part of the project, Sber has launched a community of developers and experts in the field of decentralized finance (DeFi), who will be able to connect to the platform to test its capabilities. Participants have access to a catalog of applications, tools to launch their own projects or network nodes, and opportunities to issue tokens or place smart contracts.

Priority access to ComUnity will be given to the participants of the special hackathon on DeFi, the final of which will be held on August 4. Sber noted that they expect contestants to provide solutions for projects such as an automated market maker, which allows one to become a liquidity provider and receive a commission, as well as a crypto wallet, in which one can issue a non-fungible token (NFT) for a cup of coffee and send a token to another user.

There is a prize of 400 000 Russian rubles (RUB) for the first place in the hackathon, 250 000 RUB for the second place, and 150 000 RUB for the third place.

The launch of Sber’s own DeFi platform was announced in February. According to the bank’s representatives, the platform’s compatibility with the Ethereum blockchain will allow developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open networks. The platform will also provide familiar financial services, such as insurance, credit, and asset management, but all operations will use blockchain technology and smart contracts.

In addition, in December, Sberbank announced the issuance of digital financial assets (DFAs) for gold on its own blockchain platform. The asset will allow getting investment income depending on the dynamics of the price of the precious metal. Deals will be concluded in the information system at the investor’s request using a smart contract without intermediaries.