Sberbank has extended Russia’s first crypto-backed
loan to Intelion Data, one of the country’s largest Bitcoin miners. The pilot
deal uses bitcoin mined by Intelion as collateral, positioning digital assets
as working capital rather than passive holdings on a balance sheet.
Using Rutoken to Secure Digital Collateral
Sberbank used its in-house digital custody product,
Rutoken, to safeguard the Bitcoin collateral through the loan period. According
to the bank, the pilot transaction demonstrates how crypto-backed lending could
operate within regulated frameworks without compromising asset security.
The bank did not reveal the loan’s value but
emphasized that the model could extend beyond the mining industry. “We believe this product will be relevant not only for
cryptocurrency miners, but also for companies that own cryptocurrencies,”
Sberbank said in a statement, describing the structure as a practical step
toward bridging blockchain assets and traditional finance.
Intelion Data’s CEO, Timofey Semenov, called the loan
a significant milestone for Russia’s crypto and mining ecosystem. Speaking with
RBC Crypto, Semenov said that, if successful, this model could scale and become
a financing standard for mining firms.
Sberbank’s Expanding Crypto Strategy
Sberbank has recently deepened its involvement in
digital assets beyond custody solutions. Sberbank is experimenting with
decentralized finance (DeFi) instruments and supports the gradual legalization
of cryptocurrencies in Russia.
Sberbank confirmed in 2022 that it would withdraw from European markets after mounting pressure from Western sanctions made its
operations untenable.
The bank had built a substantial presence in Europe
through subsidiaries and branches in countries including Germany, Austria,
Croatia and Hungary, but those units began to face exceptional cash outflows as
sanctions took hold.
At the same time, a directive from the Central Bank of
Russia prevented the parent from supplying liquidity support to its European
subsidiaries, further undermining their position.
Despite the strain, Sberbank stressed at the time that
it held sufficient capital to meet all obligations to depositors, even as it
moved to wind down its European exposure.
This article was written by Jared Kirui at www.financemagnates.com.
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