Sberbank, Russia’s largest bank, has made headlines by issuing the country’s first-ever crypto-backed loan to Intelion Data, one of the prominent Bitcoin mining firms in the nation. While the bank has not disclosed specifics about the size of the loan or the amount of cryptocurrency pledged as collateral, it emphasized the innovative nature of this financial product.
In an official statement, Sberbank noted that the loan is secured by digital currency mined by Intelion Data, highlighting its potential utility not just for miners but also for companies holding cryptocurrencies. “We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank stated.
As the Bitcoin mining sector continues to expand in Russia, financial institutions appear increasingly willing to support it through various financing options. However, Sberbank has characterized this initiative as a “pilot,” without disclosing the specific type of cryptocurrency used for collateral or the loan’s duration. The bank hinted at plans to offer similar loans in the future, utilizing its own cryptocurrency custody solution, Rutoken, to ensure the safekeeping of assets during the loan period.
Anatoly Popov, Sberbank’s deputy chair, indicated that the regulation of the digital currency market in Russia is still evolving. He expressed the bank’s readiness to collaborate with the Central Bank to develop regulatory frameworks and establish the necessary infrastructure for similar services. Popov added that this pilot deal serves as a testing ground for mechanisms related to digital security that could shape future regulations.
Timofey Semenov, CEO of Intelion Data, described the loan agreement as a significant milestone for the industry, signaling that market dynamics are shifting to a new level. He noted that if this financing model proves effective, it could be widely adopted within the Russian mining sector.
In recent developments, Sberbank has been exploring decentralized finance (DeFi) tools and has warmed up to the idea of gradually legalizing cryptocurrencies within Russia’s legal framework. In contrast, other banks like VTB have expressed intentions to meet customer demand for the ability to buy and sell “real crypto.”
Intelion Data has stated that it generated $79 million in revenue in 2024, fueled by significant energy consumption, with their data centers using almost 300 MW of power. The company is also advancing plans to establish a mining center near the Kalinin Nuclear Power Plant in Tver Oblast and develop its own gas power station. Furthermore, it aims to construct turnkey mining data centers for industrial enterprises with excess energy capacity.
Meanwhile, the Central Bank has announced its preparedness to allow ordinary Russians to trade cryptocurrencies, albeit with an annual limit of just over $3,800. This marks a continued stride toward the potential mainstream acceptance of cryptocurrency in Russia, as financial institutions explore new avenues for growth and innovation within the evolving landscape of digital assets.
