Sberbank, Russia’s second-largest bank, issued the country’s first bitcoin-backed loan to one of its largest bitcoin miners, calling the transaction a pilot and suggesting it was interested in issuing more in the future.
“We believe that this product will be relevant not only for cryptocurrency miners, but also for companies that hold cryptocurrencies,” the bank said in a statement. He did not disclose the amount of the loan.
The bank said it used its own cryptocurrency custody product, Rutoken, to hold the bitcoin used as collateral for the cryptocurrency loan. “The loan was secured by digital currency mined by [Intelion Data]. This ensures the safety of assets during the loan period,” Sberbank said.
According to RBC Crypto, IntelionData CEO Timofey Semenov said the loan is an important practical example for the industry and an indicator that the market is reaching a new level that, if effective, could be scaled up and used in the Russian mining industry.
Anatoly Popov, vice president of Sberbank, said that the bank already offers its clients structured bonds and digital financial assets with investments in bitcoin and ether. and cryptocurrency baskets, the Russian media outlet added. Popov also said that the bank is currently testing decentralized finance (DeFi) instruments and supports the gradual legalization of cryptocurrencies within the Russian legal framework.
