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 keen to issue more in the future.
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 guarantees the assets’ safety 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, which, if proven effective, could be scaled up and used in the Russian mining industry.
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