Sberbank, Russia’s second-largest bank, has issued the country’s first bitcoin-backed loan to one of the country’s largest bitcoin mining companies, calling the deal pilot and suggesting it is keen to issue more in the future.
“We believe this product will be important not only for crypto miners, but also for companies that own cryptocurrencies,” the bank said in a statement. The amount of the loan was not disclosed.
The bank said it used its own crypto custody product, Rutoken, to hold the bitcoins used as collateral for crypto loans. “The loan was secured by a digital currency mined by (Intellion Data). This guarantees the security of the assets during the loan period,” Sberbank said.
According to RBC Crypto, Timofey Semenov, CEO of IntelionData, said the loan is an important example of practice for the industry and an indicator that the market is reaching a new level, and if proven effective, it could be scaled up and used in the Russian mining industry.
Anatoly Popov, vice chairman of Sberbank, said the bank already offers customers structured bonds and digital financial assets with investments in Bitcoin and Ether. Ethereum$2,928.80 And there is also a basket of cryptocurrencies, the Russian press added. Popov also said that the bank is currently testing decentralized finance (DeFi) instruments and supports the gradual legalization of cryptocurrencies within Russia’s legal framework.
