Russian Millionaire’s Big Startup Plans, Stablecoin Ruble Following DAI Model

Alexander Lebedev, former owner of the Russian National Standard Bank and publisher of UK newspapers The Independent and Evening Standard, is launching a new cryptocurrency project, stablecoin.

Co-founder and CEO Sergey Mendeleev said at the Blockchain Life conference in Moscow that InDeFi, the decentralized finance (DeFi) startup he founded, plans to launch a ruble-backed stablecoin on the Ethereum blockchain.


Mendeleev, who is also the founder of the Garantex crypto exchange approved by the US Treasury, noted that the project has nothing to do with the digital ruble of the Central Bank of Russia. Mendeleev said that InDeFi will decentralize the crypto ruble.

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Following MakerDAO’s DAI algorithmic stablecoin model, the issuance of crypto rubles will be carried out via a decentralized smart contract with overcollateralization. In MakerDAO’s system, users lock ether in a smart contract and get credits in DAI. The loans are backed by ether collateral locked in smart contract escrow.

Mendeleev said that one InDeFi token would definitely equal one ruble.

InDeFi was launched last year by Lebedev and Mendeleev as a facility that offers loans in stablecoins.

In an exclusive interview with CoinDesk last April, Lebedev said that he is working on fraud in traditional banking and sees crypto as a way to bypass the corrupt mainstream banking system. In a comment to CoinDesk, Mendeleev said that InDeFi has not been performing well lately, “just like other DeFi projects in the falling market.” “Searching for new business forms and applications”.

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“Trading rubles on DEXs would be as easy as USDT, for example,” he said, referring to decentralized crypto exchanges and tether, the largest dollar stablecoin by market cap.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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