Sberbank Issues First Crypto-Backed Loan to Russian Bitcoin Miner

Sberbank, Russia's largest bank, has issued the country's first corporate loan backed by cryptocurrency collateral. The pilot transaction was extended to Intelion Data, one of Russia's biggest Bitcoin mining companies.

The financing used mined digital assets as security, which were secured using Sberbank's proprietary Rutoken custody solution. This system locks collateral throughout the loan period to prevent unauthorized access or use.

The bank emphasized that this product may extend beyond miners to any companies holding cryptocurrencies on their balance sheets.