Russia’s Sberbank Issues First Crypto Loan Using Bitcoin as Collateral

TLDR

• Sberbank issued a pilot crypto-backed loan to Bitcoin miner Intelion Data.
• Bitcoin mined by Intelion Data was used as collateral for the loan.
• The bank secured the crypto assets using its digital product, Rutoken.
• Sberbank is expanding crypto services and supports regulated digital finance.

Russia’s largest lender, Sberbank, has issued the country’s first crypto-backed loan to Intelion Data, a major Bitcoin miner. This pilot transaction signals a shift in Russia’s financial landscape by integrating digital assets into traditional banking systems.

Sberbank Launches Pilot Crypto Loan to Intelion Data

Sberbank, Russia’s largest financial institution, has issued the country’s first loan secured by Bitcoin. The borrower is Intelion Data, one of Russia’s biggest companies in the Bitcoin mining industry.

The transaction, referred to by the bank as a pilot, marks the start of integrating cryptocurrencies into regulated lending models. The bank did not disclose the size of the loan but confirmed that the structure can be extended to other companies beyond the mining sector.

Bitcoin Used as Collateral via Rutoken

To protect the collateral, Sberbank used its proprietary digital asset custody solution, known as Rutoken. The tool ensured that Bitcoin used as collateral remained secure during the term of the loan.

Sberbank stated, “The loan was secured by digital currency mined by [Intelion Data]. This guarantees the assets’ safety during the loan period.” The approach allows crypto assets to be used as active working capital instead of being idle on a company’s balance sheet.

According to the bank, the structure aligns with current regulatory guidelines, and future transactions of this type will continue to comply with evolving local laws.

Broader Use Cases Beyond Mining Sector

Sberbank has indicated that the loan model is not limited to the crypto mining sector. The institution emphasized that the new financial product could support any business that holds cryptocurrencies and seeks to access traditional lending using digital assets as security.

“We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank said in a public statement.

Intelion Data’s CEO Timofey Semenov commented, “This loan serves as a working example for the industry and shows that the market is reaching a new phase.” He also noted the potential for expansion within Russia’s mining and digital finance sector if the model proves effective.

Sberbank’s Evolving Crypto Strategy

The crypto loan is part of Sberbank’s broader move into digital financial services. The bank is actively exploring decentralized finance (DeFi) tools and blockchain-based financial instruments, while also working with Russia’s central bank on legal frameworks.

Anatoly Popov, Deputy Chairman of Sberbank’s Executive Board, said, “Digital currency market regulation is only emerging in Russia, and we are ready to collaborate with the Central Bank to develop relevant regulatory measures and create infrastructure for launching crypto services.”

In 2022, Sberbank confirmed its exit from European markets due to mounting Western sanctions. The move included winding down its subsidiaries in Germany, Austria, Croatia, and Hungary. Despite the pressures, Sberbank reassured stakeholders that it had enough capital to meet obligations in Russia and focus on its domestic operations.

This crypto-backed loan now becomes a new tool in the bank’s strategy to build digital asset services within its national framework.

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