Sberbank, Russia’s second-largest bank, has made the country’s first bitcoin-backed loan to one of its largest bitcoin miners, calling the deal a pilot and suggesting it wants to issue more in the future.
“We believe this product will be relevant not only for cryptocurrency miners, but also for businesses that own cryptocurrencies,” the bank said in a statement. The loan amount was not disclosed.
The bank said it used its own crypto custody product, Rutoken, to hold the bitcoin used as collateral for the crypto loan. “The loan was secured by digital currency mined by [Intelion Data]. This ensures the safety of assets during the term of the loan,” Sberbank said.
According to RBC Crypto, Timofey Semenov, CEO of IntelionData, said that the loan is an important practical example for the industry and an indicator that the market is reaching a new level which, if proven successful, could be expanded 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, ether and cryptocurrency baskets, the Russian media 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.
