Sberbank issues first crypto-backed loan in Russia

Sberbank, Russia’s largest banking institution, has issued the country’s first loan secured by cryptocurrency, marking a milestone for the national financial sector.

Local media reported the transaction was completed under an internal pilot programme, representing the first instance of a Russian bank formally accepting digital assets as collateral.

The development is widely seen as a step towards deeper institutional adoption of cryptocurrencies across Russia’s banking and corporate finance landscape.

According to reports, the loan was issued to Intelion, a company recognised for its role in large-scale industrial cryptocurrency mining.

Sberbank did not disclose the loan value or the specific digital asset used, citing the experimental nature of the arrangement.

The bank confirmed that the cryptocurrency collateral was received and held entirely within its own internal systems.

Sberbank also noted that the Rutoken hardware solution was used to manage custody, highlighting a focus on security and operational control.

Intelion operates extensive mining infrastructure, serving more than 1,500 clients and running tens of thousands of devices across multiple data centres.

The bank said the structure could be relevant for other firms holding digital assets without needing to sell them.

Sberbank suggested the pilot could be expanded to additional corporate clients if results remain positive.

Analysts say the move reflects growing recognition of cryptocurrencies as potential reserve assets.

This is an important practical case for the industry that elevates the crypto market to a new level.

Tiomofey Semenov said.

If the effectiveness is confirmed, this format can be scaled up and used in the Russian mining industry.

Tiomofey Semenov added.