Sberbank Issues Russia's First Cryptocurrency-Backed Loan

On the 26th, Sberbank, Russia's largest bank, announced the experimental issuance of a loan secured by cryptocurrency assets. This marks the first instance of such a financial product offered by a Russian bank. The loan was extended to one of Russia's largest Bitcoin (BTC) mining companies, AO Intellion Data. The scale of the loan and the amount of cryptocurrency used as collateral have not been disclosed. In this transaction, Sberbank utilized its proprietary cryptocurrency storage solution, 'Rutoken', a hardware solution, to ensure the preservation of assets during the loan period.