Sberbank, Russia’s biggest bank, says it’s testing a range of decentralised finance, or DeFi, products as its clients show a greater keenness to trade and hold crypto.

Speaking to the Russian media outlet RBC, Anatoly Popov, the deputy chair of Sberbank’s management board, said the firm will “develop digital asset offerings in collaboration with regulators.”

“Sberbank is already testing various DeFi products,” Popov said. “We are confident that traditional banking and DeFi will soon converge.”

While still cagey, Russian banks are becoming increasingly bullish on crypto adoption plans, spurred on by Moscow’s willingness to regulate the sector in 2026.

Sberbank’s market cap is around $83 billion, and the bank says it has around 109 million retail clients and over 3 million corporate customers.

Banks growing cautiously crypto-keen

Earlier this month, VTB, one of Sberbank’s biggest rivals, also said its own clients were keen to buy “real” crypto, rather than trade in derivatives.

This year has seen several major Russian firms, launch a vast range of crypto-themed funds, bonds, and indices that track the price of major cryptocurrencies like Bitcoin and Ethereum. They have also launched funds that track the movement of famous US-based crypto exchange-traded funds.

But banks are still waiting for the green light to let their customers buy and sell coins on their own banking apps.

“Cryptocurrencies are popular among Russians,” said Popov. “The central bank estimates that by March 2025, the volume of cryptocurrency in Russian wallets will reach $10.5 billion.”

He said that Sberbank “plans to actively engage in this market, but only after clear regulations are in place and it becomes economically feasible.”

Popov added that Sberbank clients are “significantly interested in convenient solutions for accessing cryptocurrencies,” and were “consciously seeking ways to invest in cryptocurrency.”

Central bank pushback

The reluctance of the central bank to endorse crypto has been a major sticking point for Russian banks and blockchain firms.

While the Bank of Russia is keen on blockchain technology, its governor Elvira Nabiullina has spoken out against “private cryptocurrencies” like Bitcoin.

Nabiullina has previously called for a sweeping ban on crypto and the promotion of private blockchain-based solutions like the digital ruble, a blockchain-based version of the Russian fiat currency.

However, 2025 has seen much change for the Bank of Russia. As the Russian Bitcoin mining industry continues to grow and more traders use crypto as a sanctions-proof cross-border settlement tool, the central bank’s stance has softened.

Evidence of this could be found in Popov’s interview with RBC.

“We are not limiting ourselves to private networks,” he said. “Sberbank is also working on projects that involve using public blockchains for specific purposes. For example, we are looking to tokenise assets or create connections with decentralised finance platforms.”

He said the bank was interested in working on “networks with developed infrastructure and robust smart contract tools, such as Ethereum.”

Networks like Ethereum “offer flexible integration options, ensure transparency, and facilitate access to international markets,” he said.

“Tokenised assets are being actively tested around the world,” Popov concluded. “And Russia is now also moving in this direction.”