Russia’s largest bank, Sberbank, has taken another step into the crypto space by issuing the country’s first cryptocurrency-backed loan. The pilot loan was provided to Intelion Data, one of the largest Bitcoin mining companies in Russia.
Sberbank confirmed that the loan was backed by digital currency mined by Intelion Data. However, the bank did not reveal the loan amount, its duration, or the amount of cryptocurrency used as collateral.
Crypto held securely until loan repaid
To manage the risk, Sberbank stored the crypto collateral using its own custody system called Rutoken. This system keeps digital assets locked and protected until the borrower repays the loan in full.
According to the bank, the use of an internal storage solution ensured the security of assets throughout the term of the loan.
A test for future crypto financing
Sberbank called the deal a “pilot,” meaning it is primarily a test. The bank said the goal was to understand how cryptocurrency-backed loans could work in practice under Russian conditions.
The bank also hinted that similar loans could be offered in the future, not only to miners but also to companies that already hold cryptocurrencies on their balance sheets.
Intelion Data CEO Timofey Semenov welcomed the move and called it an important moment for the mining industry. He said the deal showed the market was becoming more mature and reliable.
He added that if this model works well, it could be extended to Russia’s growing mining sector.
Regulation is still a work in progress
Anatoly Popov, vice president of Sberbank, said crypto regulation in Russia is still developing. He explained that the bank is ready to work closely with the Central Bank to develop clear rules and appropriate infrastructure for digital asset services.
Earlier this month, Sberbank said it was also experimenting with decentralized financial tools and supporting a phased approach to legalizing cryptocurrencies in Russia.
At the same time, the Russian central bank said it may allow ordinary citizens to trade cryptocurrencies, but only within strict annual limits.
