Sberbank has extended Russia’s first crypto-backedloan to Intelion Data, one of the country’s largest Bitcoin miners. The pilotdeal uses bitcoin mined by Intelion as collateral, positioning digital assetsas working capital rather than passive holdings on a balance sheet.Using Rutoken to Secure Digital CollateralSberbank used its in-house digital custody product,Rutoken, to safeguard the Bitcoin collateral through the loan period. Accordingto the bank, the pilot transaction demonstrates how crypto-backed lending couldoperate within regulated frameworks without compromising asset security. The bank did not reveal the loan’s value butemphasized that the model could extend beyond the mining industry. “We believe this product will be relevant not only forcryptocurrency miners, but also for companies that own cryptocurrencies,”Sberbank said in a statement, describing the structure as a practical steptoward bridging blockchain assets and traditional finance.Intelion Data’s CEO, Timofey Semenov, called the loana significant milestone for Russia’s crypto and mining ecosystem. Speaking withRBC Crypto, Semenov said that, if successful, this model could scale and becomea financing standard for mining firms.Sberbank’s Expanding Crypto StrategySberbank has recently deepened its involvement indigital assets beyond custody solutions. Sberbank is experimenting withdecentralized finance (DeFi) instruments and supports the gradual legalizationof cryptocurrencies in Russia.Sberbank confirmed in 2022 that it would withdraw from European markets after mounting pressure from Western sanctions made itsoperations untenable. The bank had built a substantial presence in Europethrough subsidiaries and branches in countries including Germany, Austria,Croatia and Hungary, but those units began to face exceptional cash outflows assanctions took hold.At the same time, a directive from the Central Bank ofRussia prevented the parent from supplying liquidity support to its Europeansubsidiaries, further undermining their position. Despite the strain, Sberbank stressed at the time thatit held sufficient capital to meet all obligations to depositors, even as itmoved to wind down its European exposure.This article was written by Jared Kirui at www.financemagnates.com.