Russia’s Largest Bank Issues First Crypto-Backed Loan to Bitcoin Mining Company
Russia’s biggest bank, Sberbank, has made history by issuing the country’s first corporate loan. Secured with cryptocurrency collateral to major Bitcoin mining firm Intelion Data. Representing a pilot of crypto-backed lending within traditional finance.
In the deal, mined Bitcoin was pledged as security while Sberbank’s proprietary digital custody solution, Rutoken, safeguards the assets throughout the loan period. Demonstrating how digital assets can be integrated into regulated banking products. Although loan terms were not disclosed. The move signals growing institutional acceptance of crypto as usable collateral and marks a key step in bridging digital currencies with formal financial systems in Russia.
Clever Robot News Desk 3rd January 2025
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