Russia’s First Crypto-Backed Loan Brings Bitcoin Into Formal Banking

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 reportedly 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.

“Digital currency market regulation is only emerging
in Russia, and we are ready to collaborate with the Central Bank to develop
relevant regulatory measures and create infrastructure for launching crypto
services,” Anatoly Popov, deputy chairman of the Executive Board at Sberbank,
said in a statement translated to English.

However, the bank did not disclose the size of the loan but indicated that the structure is designed to be used well beyond the mining sector. It positioned the product as suitable for any company holding cryptocurrencies and framed the arrangement as a practical way to connect blockchain-based assets with traditional finance.

Sberbank’s Expanding Crypto Strategy

Intelion Data described the loan
a significant milestone for Russia’s crypto and mining ecosystem. Sberbank has recently deepened its involvement in
digital assets beyond custody solutions. The lender is experimenting with
decentralized finance 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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