Russia's Largest Bank Sberbank to Fully Launch Cryptocurrency-Backed Loans

Reuters reported on the 5th that Sberbank, Russia's largest bank, is advancing preparations for the full-scale issuance of loans backed by cryptocurrencies. A spokesperson for the bank stated that they are collaborating with the central bank in response to strong interest from corporate clients. On January 26, Sberbank announced that it had issued a trial loan to the cryptocurrency mining company Interion Data, using the cryptocurrencies mined as collateral. While the size of the loan has not been disclosed, the bank has ensured asset preservation during the loan period by utilizing its proprietary cryptocurrency storage, 'Rutoken'.