According to Russian news agency Interfax, Russia’s largest bank, Sberbank, will launch a decentralised finance (DeFi) platform by May of this year. The platform will be built on the Ethereum network at first, and users will be able to access it through the MetaMask wallet extension. DeFi is a type of borrowing and lending that eliminates the need for intermediaries by utilising smart contracts. According to Konstantin Klimenko, Product Director of Sberbank’s blockchain laboratory, the bank’s DeFi network is currently in closed beta and will transition to open testing in March.