TLDR

  • Sberbank has given out Russia’s initial loan that is backed by cryptocurrency to Intelion Data.
  • The loan utilizes digital assets directly mined by Intelion Data as collateral.
  • Sberbank verified that the deal is part of a pilot project and not a full commercial launch.
  • The bank secured the crypto collateral by using its proprietary digital custody platform named Rutoken.
  • Intelion Data reported revenue of $79 million in ۲۰۲۴ and runs large-scale mining facilities.

Sberbank has issued the country’s first crypto-backed loan to Intelion Data, one of the largest Bitcoin mining companies in the nation. The pilot deal uses cryptocurrency as collateral and was confirmed by Sberbank in an official statement regarding digital finance expansion.

Crypto Collateral Deal Initiated by Sberbank

Sberbank finalized the loan using digital assets directly mined by Intelion Data as collateral. The bank declined to disclose the value, loan term, or the specific cryptocurrency used in the transaction.

However, Sberbank stressed that this structure is not restricted to mining firms alone. The lender indicated that other companies holding crypto on their balance sheets might also be eligible in the future.

According to details confirmed by Sberbank, Intelion Data mined the crypto used in this deal.
The bank stated that its digital custody solution, Rutoken, will safeguard the assets during the loan period.

Intelion Data CEO Timofey Semenov confirmed the company’s participation and supported the use of cryptocurrency as loan collateral. He said the loan “marks a transition to more mature financial tools” in Russia’s sector.

Intelion Data earned $79 million in revenue in ۲۰۲۴ and continues to expand its infrastructure base. Based on official energy consumption reports, its data centers consumed nearly ۳۰۰ megawatts of electricity.

The firm is building a mining site near the Kalinin Nuclear Power Plant in the Tver region.
It is also developing a gas-fueled power station and providing infrastructure services to other firms with spare capacity.

Sberbank Tests Regulatory Structure with Pilot Crypto Loan

The loan is being used as a test to examine the technical and legal mechanisms for integrating cryptocurrency into banking. Deputy Chair Anatoly Popov confirmed that Russia’s crypto regulations are still in the early stages of development.

He said Sberbank will “work with the Central Bank to form frameworks and digital infrastructure” for future financial services. Popov emphasized that controlled pilots are necessary to evaluate custody models and digital asset security processes.

Sberbank did not indicate when or if the structure will move from testing to full commercial implementation. The bank confirmed that the loan is part of ongoing internal experiments with decentralized financial technologies.

Crypto Regulations in Russia Remain Strict

The has demonstrated some flexibility towards personal cryptocurrency use in recent months. Reports suggest that individuals might be permitted to trade digital assets within an annual limit of $3,800.

Sberbank, nevertheless, continues to adhere to all official regulatory guidance during its crypto-related experiments. Its approach aligns with broader efforts to establish legal clarity for cryptocurrency-backed financial products.

State-owned competitor VTB is also exploring direct cryptocurrency services for retail users. Yet Sberbank remains focused on institutional solutions and blockchain-based pilots.