Sberbank Issues Russia’s First Bitcoin-Backed Corporate Loan
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Sberbank, Russia’s largest bank, announced on December 26 that it is conducting a pilot cryptocurrency miner financing transaction with AO Intelion Data using a self-mined digital currency as collateral.
This effectively means that the bank has extended Russia’s first crypto-backed loan to Intelion Data, which is one of the largest Bitcoin miners in the country. The pilot deal will use BTC mined by Intelion as collateral, positioning digital assets as working capital, rather than passive holdings.
The announcement added that Sberbank used its proprietary cryptocurrency storage, Rutoken, to safeguard the Bitcoin collateral throughout the loan period.
The bank further said that the pilot transaction demonstrates how crypto-backed lending could operate within regulated frameworks and not compromise asset security.
Commenting on the move, the bank’s deputy chairman of the Executive Board, Anatoly Popov, said that digital currency market regulation is only emerging in Russia. However, he added that Sber is ready to collaborate with the Central Bank and help develop relevant regulatory measures and create infrastructure for launching crypto services.
“The pilot transaction allowed us to test mechanisms behind digital collateral, which could lay the foundation for future regulation. We believe that this kind of product will be relevant not only for cryptocurrency miners, but for companies that own cryptoassets, too,” Popov added.
A Major Step Toward Adopting Cryptocurrencies In Russian Banking
The bank’s announcement did not reveal the size of the loan, but it did suggest that the structure is designed to be used beyond the mining sector. It positioned the product as suitable for any company that holds digital assets, and described the arrangement as a practical way to connect traditional finance with blockchain-based assets.
Intelion Data said that the loan is a significant milestone for Russia’s crypto and mining ecosystem. It comes after Sberbank decided to expand its involvement in crypto assets, going beyond custody solutions.
The bank also started experimenting with the decentralized finance (DeFi) sector and its instruments, and it is a strong supporter of the gradual legalization of cryptocurrencies in Russia.
The bank confirmed that it would withdraw from European markets back in 2022, as at the time, it felt that strong pressure from Western sanctions had made it difficult to continue operations. In the years prior to the sanctions, the bank expanded its services across Europe through numerous branches and subsidiaries in Germany, Austria, Croatia, and Hungary. However, after the sanctions took hold, all of these units started to face major cash outflows, causing the bank to withdraw.
