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- Sberbank issued Russia’s first crypto-backed loan and kept the crypto in custody until repayment.
- Intelion Data used nearly 300 MW of power to mine Bitcoin in 2024 and secured bank financing.
- The deal signals gradual acceptance of crypto within Russia’s financial system.
According to the report, Sberbank will hold crypto in its wallets until the miner repays the loan. The move marks a new step for Russian banking and digital assets. It also shows growing links between large banks and industrial Bitcoin miners.
Sberbank, Russia’s largest bank, issued the country’s first crypto-backed loan. The bank provided the loan to Intelion Data, one of the largest Bitcoin mining firms in the country. The bank did not share the loan size.
It also did not reveal the value or type of crypto used as collateral. The bank confirmed that the collateral came from digital assets mined by Intelion Data itself. Sberbank stated that the crypto will remain in its custody during the loan period.
Sberbank Tests Crypto-Backed Loan Model
This bank described the transaction as a pilot project. The bank used its in-house crypto custody system called Rutoken. The system allows the bank to store digital assets securely while the loan remains active. This structure limits market and custody risks.
It also keeps control within the banking system. The bank signaled interest in expanding similar products later. It views crypto-backed lending as relevant beyond mining firms. Companies that already hold digital assets could also use such financing.
Sberbank stressed that regulation for digital currency remains limited in Russia. It plans to work with the central bank to build rules and infrastructure. The pilot helps test how digital collateral fits within existing legal and financial systems.
Intelion Data stands at the center of the deal. In 2024, its data centers used almost 300 megawatts of power to mine Bitcoin. That scale places it among the largest industrial miners in Russia. Russian media reported that the company earned about 79 million dollars in revenue during the year.
Miner Expands Nuclear and Gas Power Operations
The miner is expanding. It is constructing a large mining facility near the Kalinin Nuclear Power Plant in the Tver region. The company is also engaged in developing a gas power plant. On top of that, the firm is constructing turnkey mining data centers for industrial enterprises with excess power.
The Sberbank loan is in the opinion of the company a viable example that others can learn from. This loan is also associated with the ongoing evolution in the crypto policy of Russia. Sberbank recently embarked on the testing of decentralised finance solutions. Sberbank also publicly stated its commitment to the legalisation of cryptocurrencies. This is in line with the opinions of other major banks.
They also want to give clients the ability to purchase and sell real crypto assets. The central bank has not been too flexible either. They stated that retail crypto trading could be permitted within a strictly limited annual amount of slightly above 3,800 per person. All of the above measures display cautious development. Now banks, miners, and authorities are experimenting how to function within Russia.
Related Reading: Bitcoin-Backed Digital Money: Transforming Global Finance with Stable Credit Solutions
