Russian banking giant issues Bitcoin miner ‘country-first’ crypto-backed loan – DL News
- Sberbank will hold crypto in its wallets until miner repays loan.
- Intelion Data used almost 300 MW of power to mine Bitcoin in 2024.
- Miner says loan is “an important practical example for the industry.”
Sberbank, Russia’s largest bank, has issued the country’s first-ever crypto-backed loan.
The bank says it issued the loan to Intelion Data, one of Russia’s biggest Bitcoin miners. It did not disclose the size of the loan, nor the amount of crypto used to secure it.
“The loan was secured by digital currency mined by [Intelion Data],” Sberbank wrote in an official release. “We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies.”
As Bitcoin mining continues…
