Sberbank issues Russia’s first crypto-backed loan
The pilot loan used Sberbank’s Rutoken custody system to safeguard digital assets, highlighting growing institutional support for cryptocurrency mining in Russia.
Sberbank has issued Russia’s first crypto-backed loan, providing financing to Intelion Data, one of the country’s largest Bitcoin miners. The bank did not disclose the loan size or the cryptocurrency used as collateral but described the move as a pilot project.
The loan leveraged Sberbank’s own cryptocurrency custody solution, Rutoken, ensuring the digital assets’ safety throughout the loan period. The bank plans to offer similar loans and collaborate with the Central Bank on regulatory frameworks.
Intelion Data welcomed the deal, calling it a milestone for Russia’s crypto mining sector and a potential model for scaling similar financing across the industry. The company is expanding with a mining centre near the Kalinin Nuclear Power Plant and a gas power station.
Sberbank has also been testing decentralised finance tools and supports gradual legalisation of cryptocurrencies in Russia. VTB and other banks are preparing to support crypto transactions, while the Central Bank may allow limited retail trading.
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