Russia’s second-largest bank Sberbank issued the country’s first bitcoin-backed loan to one of its largest bitcoin miners, calling the deal a pilot and expressing its willingness to make more loans in the future.
“We believe this product is suitable not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank said in a statement. It did not disclose the loan amount.
The bank said it uses its own crypto custody product, Rutoken, to hold Bitcoin used as collateral for crypto loans. “The loan is secured by mined digital currency [Intelion Data]. This ensures the security of the asset for the duration of the loan. ” said Sberbank.
According to RBC Crypto, IntelionData CEO Timofey Semenov said that this loan is an important practical example for the industry and an indicator that the market is reaching new levels and, if proven effective, can be expanded and used in the Russian mining industry.
Anatoly Popov, deputy chairman of Sberbank, said that the bank already offers structured bonds and digital financial assets as well as Bitcoin and Ethereum investments to customers. There is also a cryptocurrency basket, the Russian news outlet added. Popov also said that the bank is currently testing decentralized finance (DeFi) tools and supports the gradual legalization of cryptocurrencies within the Russian legal framework.
