Sberbank makes Russia’s first bitcoin-backed loan — to a major miner Sberbank, Russia’s second-largest bank, has issued the country’s first bitcoin-backed loan, extending the pilot financing to Intelion Data, one of Russia’s largest Bitcoin miners. The lender described the transaction as an experiment it could expand if successful, saying the product should appeal not only to miners but also to other companies that hold cryptocurrencies. The bank did not disclose the loan amount. Sberbank said it used its in-house crypto custody solution, Rutoken, to hold the Bitcoin posted as collateral. “The loan was secured by digital currency mined by [Intelion Data]. This guarantees the assets’ safety during the loan period,” the bank said. Intelion Data CEO Timofey Semenov told RBC Crypto the deal is a practical milestone for the industry and a sign the market is maturing. If the pilot proves effective, Semenov said, the model could be scaled across Russia’s mining sector. Sberbank is already active in other crypto-related products, deputy chairman Anatoly Popov told the Russian press. The bank offers structured bonds and digital financial assets that include allocations to Bitcoin, ether (ETH) and cryptocurrency baskets. Popov added that Sberbank is testing decentralized finance (DeFi) instruments and supports the gradual legalization of cryptocurrencies within Russia’s legal framework. What this means: the move signals growing institutional comfort with crypto collateral in Russia and could pave the way for more mainstream lending products secured by mined or held digital assets — provided regulatory clarity continues to improve. Read more AI-generated news on: undefined/news

#BTC #ETH