Russia’s largest bank, Sberbank, has taken a new step into the crypto space by issuing the country’s first loan secured by cryptocurrency. The pilot loan was given to Intelion Data, one of Russia’s biggest Bitcoin mining companies.
Sberbank confirmed that the loan was backed by digital currency mined by Intelion Data. However, the bank did not reveal how large the loan was, how long it will last, or how much crypto was used as collateral.
To manage the risk, Sberbank stored the crypto collateral using its own custody system called Rutoken. This system keeps the digital assets locked and protected until the borrower fully repays the loan.
According to the bank, using an in-house storage solution helped ensure the safety of the assets throughout the loan period.
Sberbank described the deal as a “pilot,” meaning it is mainly a test. The bank said the goal is to understand how crypto-backed lending could work in practice under Russian conditions.
The bank also hinted that similar loans could be offered in the future, not just to miners but also to companies that already hold cryptocurrencies on their balance sheets.
Intelion Data’s CEO, Timofey Semenov, welcomed the move and called it an important moment for the mining industry. He said the deal shows that the market is becoming more mature and trusted.
He added that if this model works well, it could be expanded across Russia’s growing mining sector.
Sberbank’s deputy chairman, Anatoly Popov, said that crypto regulation in Russia is still developing. He explained that the bank is ready to work closely with the Central Bank to build clear rules and proper infrastructure for digital asset services.
Earlier this month, Sberbank said it was also experimenting with decentralised finance tools and supports a gradual approach to legalising cryptocurrencies in Russia.
At the same time, the Russian central bank has said it may allow everyday citizens to trade crypto, but only within strict yearly limits.
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