Sberbank issues Russia’s first bitcoin-backed loan in pilot deal

Sberbank, Russia’s second-largest bank, has issued the country's first bitcoin-backed loan to Intelion Data, a major bitcoin mining firm. The transaction is considered a pilot program, with the bank expressing interest in offering more such loans to cryptocurrency miners and companies holding cryptocurrencies. The loan was secured using bitcoin mined by Intelion Data, held in Sberbank’s in-house crypto custody product, Rutoken, ensuring asset safety during the loan period. Intelion Data’s CEO, Timofey Semenov, views this as a significant step for the industry, potentially scalable for the Russian mining sector. Sberbank also offers structured bonds and digital financial assets linked to bitcoin and ether, and is exploring decentralized finance (DeFi) instruments while supporting the legalization of cryptocurrencies in Russia.

(Source：CoinDesk)