Russia's Sberbank issues the first Bitcoin-backed loan to a mining company

Russia's second-largest bank, Sberbank, has issued the country's first loan secured by Bitcoin to the large Bitcoin mining company Intelion Data. Sberbank stated that this transaction is a pilot project, and further promotion in the future is not ruled out, although the specific loan amount has not been disclosed.

Sberbank mentioned that the collateral for the loan is the Bitcoin mined by Intelion Data, which is held through its own crypto custody product, Rutoken, to ensure the security of the assets during the loan term. The bank pointed out that such products are suitable not only for miners but also for companies holding crypto assets.

Sberbank's Vice Chairman Anatoly Popov revealed that the bank has provided clients with structured bonds and digital financial assets linked to Bitcoin, Ethereum, and crypto asset portfolios, and is testing DeFi tools to support the gradual legalization of cryptocurrencies within the framework of Russian law.