Sberbank has issued Russia's first corporate loan backed by cryptocurrency collateral.
The country's largest bank extended financing to Intelion Data, one of Russia's biggest Bitcoin mining companies.
The pilot transaction uses mined digital assets as security.
Sberbank did not disclose the loan amount, collateral size, or duration.
What Happened
Intelion Data pledged cryptocurrency from its mining operations as collateral for the loan.
Sberbank secured the digital assets using its proprietary Rutoken custody solution.
The system locks collateral throughout the loan period to prevent unauthorized access or use.
Deputy Chairman Anatoly Popov said digital currency market regulation remains in early stages in Russia.
The bank is prepared to work with the Central Bank of Russia to develop regulatory frameworks and infrastructure for similar services.
Timofey Semenov, Intelion Data's CEO, called the transaction "an important practical example for the industry."
He said the deal indicates Russia's cryptocurrency market is reaching maturity.
The financing structure could be scaled across Russia's mining sector if proven effective.
Sberbank emphasized the product may extend beyond miners to any companies holding cryptocurrencies on their balance sheets.
Earlier in December, the bank announced it was testing decentralized finance instruments.
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Why It Matters
The transaction marks Russia's first integration of cryptocurrency into traditional corporate banking practices.
Russia legalized industrial cryptocurrency mining on November 1, 2024.
The country controls approximately 16% of global Bitcoin (BTC) hashrate.
Sberbank's pilot provides regulators with operational data for developing clearer guidelines on digital asset collateral.
The bank already offers clients structured bonds and digital financial assets with investments in Bitcoin and Ethereum (ETH).
Russia has accelerated cryptocurrency adoption following its exclusion from the SWIFT international payment system.
The Central Bank of Russia reported a successful digital ruble pilot with 1,700 individuals from 15 banks and approximately 30 companies.
The pilot allows Sberbank to test technical and regulatory frameworks while maintaining full control over collateral.
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