Sberbank Issues Russia's First Bitcoin-Backed Loan to Intelion Data
Sberbank, Russia's second-largest bank, has issued the country's first bitcoin-backed loan to Intelion Data, a major bitcoin mining company. The loan, described as a pilot program with potential for expansion, is secured with bitcoin using Sberbank's proprietary crypto custody tool, Rutoken. Although the loan amount was not disclosed, this development marks an important practical step towards scalable crypto lending for the Russian mining sector.
Intelion Data CEO Timofey Semenov highlighted the transaction as a significant example reflecting the market's potential scalability. Anatoly Popov, Sberbank's deputy chairman, noted that the bank is already offering investments in bitcoin, ether, and crypto baskets, while also testing decentralized finance (DeFi) instruments. Sberbank supports the gradual legalization of cryptocurrencies within Russia's legal framework.
This initiative signals growing interest in crypto lending by Sberbank and could indicate broader future use of crypto assets in lending across Russia.
