Sberbank Issues Russia's First Crypto-Backed Loan

Sberbank announced the issuance of Russia's first crypto-backed loan, extending financing to Intelion Data. The transaction is currently classified as an experimental pilot rather than a full commercial product.

The bank secured the loan using digital assets mined directly by Intelion Data. However, Sberbank did not disclose the specific size, duration, or exact type of cryptocurrency used as collateral.

To ensure the safety of the assets, Sberbank used its proprietary digital asset storage solution, Rutoken. The system holds the collateral until the borrower fully repays the loan.

Sberbank indicated that this product could be relevant for both cryptocurrency miners and companies that own cryptocurrencies. If the model proves effective, the bank may issue similar loans in the future.

Timofey Semenov, CEO of Intelion Data, described the deal as a milestone for the Russian mining industry. He stated that the loan represents an important practical example of how crypto can be integrated into traditional finance.

Semenov noted that the market is "reaching a new level." He added that if proven effective, this type of financing could be scaled up and used more broadly across the Russian mining sector.

The transaction comes as Russia's bitcoin mining industry continues to expand. This growth is driven by relatively low energy costs and increasing industrial-scale infrastructure.

Intelion Data reported $79 million in revenue in 2024. The company's data centers consumed nearly 300 megawatts of electricity during the year.

The company is currently building a large mining facility near the Kalinin Nuclear Power Plant in the Tver region. Additionally, Intelion Data is developing its own gas-powered generation facility and constructing turnkey mining data centers for industrial firms with surplus power capacity.

Sberbank executives framed the pilot loan as both a financial product test and a regulatory experiment. Anatoly Popov, the bank's deputy chairman, emphasized that Russia's digital asset regulations remain in early stages.

Popov stated that the transaction allows Sberbank to evaluate legal and technical frameworks for crypto-backed banking services. He noted that the pilot deal allows the bank to test mechanisms for working with digital security, which could form the basis for future regulation.

The bank is prepared to work with the Central Bank of Russia to develop appropriate infrastructure and oversight. Sberbank already offers structured bonds and digital financial assets linked to bitcoin, ether, and crypto baskets.

Sberbank is currently testing decentralized finance (DeFi) instruments and has publicly supported the gradual legalization of cryptocurrencies within Russia's legal framework.

The move follows growing signals that Russian financial institutions are warming to crypto markets. Rival state-owned bank VTB has previously stated it wants to accommodate client demand for direct cryptocurrency exposure.

The Central Bank recently indicated it may allow limited crypto trading for retail investors under strict annual caps. Brokerage head Andrey Yatskov said rising demand for "real" crypto is driving the move, despite crypto trading remaining largely unregulated in Russia.

Currently, banks may only offer crypto-linked derivatives, but regulators have recently signaled openness to formal regulation. VTB plans to pilot trading with "super-qualified" wealthy clients and aims to become a licensed crypto broker and depository as rules evolve.