Russia’s Sberbank has issued the country’s first corporate loan backed by cryptocurrency. The transaction was completed in a pilot project aimed at developing Russia’s crypto regulations and infrastructure.
AO Intelion Data provided self-mined cryptocurrency as collateral. The loan was secured through Sberbank’s proprietary custody platform using Rutoken hardware.
Anatoly Popov, deputy chairman of the executive board of Sberbank says, “The pilot transaction allowed us to test mechanisms behind digital collateral, which could lay the foundation for future regulation. We believe that this kind of product will be relevant not only for cryptocurrency miners, but for companies that own cryptoassets, too.”
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