Sberbank issues Russia’s first crypto-backed loan to bitcoin miner Intelion Data
Sberbank, Russia’s second-largest bank, issued the country’s first bitcoin-backed loan to one of its largest bitcoin miners, calling the transaction a pilot and suggesting it was keen to issue more in the future
“We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies,” the bank said in a statement. It did not disclose the loan amount.
The bank said it used its own crypto custody product, Rutoken, to hold the bitcoin used as collateral for the crypto loan. “The loan was secured by digital currency mined by [Intelion Data]. This guarantees the assets’ safety during the loan period,” Sberbank said.
According to RBC Crypto, IntelionData CEO Timofey Semenov said…
