Russian businessman Alexander Lebedev has decided to launch a cryptocurrency bank in decentralized finance (DeFi bank).
Last year, he sold his National Reserve Bank and has decided to abandon traditional banking and get involved with a service for cryptocurrencies owners. The project is likely to require investments of between $10 mio and 15 mio. Developing the DeFi project as such does not require any substantial investments, yet issuing stablecoins will cost some $10 mio.
According to Alexander Lebedev, the present-day financial system aims to make bankers richer and ordinary people poorer while cryptomarket is fairer and more transparent. He intends to create an ecosystem based on the free trade of digital currencies. Lebedev’s cryptobank is to be launched within a few months and to become a centerpiece of such an ecosystem offering its customers a full range of banking services such as currency exchange, bank deposits, loans, cash settlements, local and international banking transfers.
Recently, the number of wealthy Russians investing in cryptocurrencies has been growing and the bank to be set by Lebedev is a proof of the fact that blockchain and digital assets are the future of the financial system. Still, investing in DeFi is extremely risky and requires sizeable resources and a clear understanding of the market mechanisms, specifics of different currencies and risk management.