Sberbank Issues Russia's First Crypto-Backed Loan to Bitcoin Miner Intelion Data
Sberbank has issued Russia's first bitcoin-backed loan to Intelion Data, a major bitcoin mining company. The loan, considered a pilot project, used Sberbank's in-house crypto custody product, Rutoken, to secure the bitcoin collateral and ensure asset safety. While the loan amount was not disclosed, the transaction is significant as it was secured by digital currency mined by Intelion Data.
Timofey Semenov, CEO of Intelion Data, highlighted the loan as an important practical example that might signal potential scaling in the Russian mining industry. Anatoly Popov, Sberbank's deputy chairman, noted that the bank already offers structured bonds and digital assets with investments in bitcoin, ether, and crypto baskets, and is currently testing decentralized finance (DeFi) instruments within Russia's legal framework.
This pilot could lead to issuing more crypto-backed loans if successful, signaling broader interest in crypto lending and the gradual legalization of cryptocurrencies in Russia.
