- Alexander Lebedev and Sergey Mendeleev came together to launch Ruble-backed stablecoin on Ethereum Blockchain.
Alexander Lebedev, the Ex owner of National Standard Bank and Publisher of the United Kingdom newspaper The Independent and Evening Standard, is planning to start a cryptocurrency project.
At the Moscow Blockchain life conference, Co-founder and Chief Executing Officer Sergey Mendeleev said that the decentralized finance (DeFi) Startup he established plans to introduce a ruble-backed stable on Blockchain of Ethereum.
Sergey Mendeleev is also the founder of the Garantex crypto exchange; the U.S Treasury finances quoted that the project has nothing to do with the digital ruble of the Bank of Russia. Adding more, he said InDeFi’s crypto ruble would be decentralized, and the dummy version of the coin is available for testing and feedback.
In another statement, Mendeleev highlighted that the coin “will not only make it easier for Russian citizens to access international cryptocurrency exchanges but also, after changes in legislation, provide transactions with foreign counterparties via crypto.”
The crypto rubles will follow the algorithm of MakerDAO DAI stable and will be performed by a decentralized smart contract with over-collateralization. In the MakerDAO system, users lock their ether in a smart contract and can take loans in DAI stablecoins. The ether supports the loans which are locked in the smart contract escrow.
Mendeleev underlined that One InDeFi token would be equal to one ruble.
Lebedev and Mendeleev founded InDeFi in 2021, a ground for offering loans in the form of stablecoins. Earlier, as an officer in Soviet Union’s KGB secret service, he fell out of favor with President Vladimir Putin’s regime in 2008 after a small Russian newspaper owned by Lebedev covered a story addressing that Putin had an affair with Alina Kabaeva, an Olympic champion, and a gymnast. After the news went viral, Lebedev lost his publishing and banking business in the country.
In April 2022, Lebedev, in his interview with a news outlet, mentioned his study about fraud in the traditional banking system and viewed crypto as a substitute to bypass the corrupt mainstream fintech sector.
Source: https://www.thecoinrepublic.com/2022/09/15/russian-millionaires-planning-to-launch-ruble-stablecoin-following-dai-algorithm/