Sberbank Issues Russia’s First Crypto-Backed Loan in Pilot Deal With Major Bitcoin Miner

Sberbank, Russia's largest lender, executed the country's first loan secured by digital assets, extending financing to Intelion Data, a significant Russian bitcoin mining company. This pilot transaction, which used digital assets mined by Intelion Data as collateral held by Sberbank's proprietary Rutoken storage solution, signals growing institutional interest in crypto-collateralized lending.

Intelion Data CEO Timofey Semenov hailed the deal as a practical milestone integrating crypto into traditional finance. Sberbank views the pilot as a test of technical and legal frameworks, noting that Russia's digital asset regulations are still developing. Deputy Chairman Anatoly Popov stated the bank is prepared to collaborate with the Central Bank of Russia on future infrastructure and oversight.

The development occurs as Russia's bitcoin mining industry expands, supported by low energy costs. Sberbank is also exploring other digital asset products, including bonds linked to crypto, while rival VTB has expressed interest in accommodating client demand for direct crypto exposure, suggesting a gradual warming toward regulated crypto markets in Russia.

(Source：Bitcoin Magazine)