Sberbank used its in-house crypto custody tool to back a loan for mining firm Intelion Data, signaling broader interest in crypto lending.
Sberbank issued Russia’s first bitcoin-backed loan to a major bitcoin miner, marking a pilot transaction with potential for future expansion.
The loan utilized Sberbank’s crypto custody product, Rutoken, to secure the bitcoin collateral, ensuring asset safety.
The loan was secured by digital currency mined by Intelion Data. This guarantees the assets’ safety during the loan period, Sberbank said.
Timofey Semenov, Intelion Data’s CEO, said the loan is an important practical example for the industry and an indicator that the market is reaching a new level, which, if proven effective, could be scaled up and used in the Russian mining industry.
Anatoly Popov, Sberbank’s deputy chairman, said the bank already offers clients structured bonds and digital financial assets with investments in bitcoin, ether and cryptocurrency baskets, the Russian news outlet added.
Popov also said the bank is currently testing decentralized finance (DeFi) instruments and supports the gradual legalization of cryptocurrencies within the Russian legal framework.
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