Sberbank, Russia’s second-largest bank, issued the country’s first bitcoin-backed loan to one of its biggest bitcoin miners, calling the transaction a pilot and hinting it was eager to issue more in the future
“We believe that this product will not only be relevant for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank said in a statement. It did not state the loan amount.
The bank said it used its own crypto custody product, Rutoken, to hold bitcoin used as collateral for the crypto loan. “The loan was secured with digital currency mined from [Intelion Data]. This guarantees the safety of the assets during the loan period,” said Sberbank.
According to RBC Crypto, IntelionData CEO Timofey Semenov said that the loan is an important practical example for the industry and an indicator that the market is reaching a new level, which, if it proves effective, can be scaled up and used in the Russian mining industry.
Anatoly Popov, deputy chairman of Sberbank, said the bank already offers clients structured bonds and digital financial assets with investments in bitcoin, ether and cryptocurrency basket, the Russian news outlet added. Popov also said that the bank is currently testing decentralized financial instruments (DeFi) and supports the gradual legalization of cryptocurrencies within the Russian legal framework.
