Russia's Sberbank Grants First Bitcoin-Backed Loan to Mining Firm

BlockBeats News, December 29, Russia's second-largest bank, Sberbank, has issued the country's first bitcoin-backed loan to the large Bitcoin mining company Intelion Data. Sberbank stated that this transaction is a pilot project and may be further expanded in the future, but did not disclose the specific loan amount.

Sberbank stated that the loan collateral is the bitcoin mined by Intelion Data and is held in custody through its proprietary crypto custody product Rutoken to ensure the security of the assets during the loan term. The bank pointed out that such products are not only suitable for miners but also for enterprises holding crypto assets.

Sberbank's Deputy Chairman Anatoly Popov revealed that the bank has offered clients structured bonds and digital financial assets linked to bitcoin, ethereum, and a portfolio of crypto assets. They are also testing DeFi tools to support the gradual legalization of cryptocurrencies within the Russian legal framework.