Russia’s largest bank Sberbank seeks to roll out crypto-backed lending

Uk Jin

Summary

Reuters reported that Russia’s largest bank Sberbank is preparing to launch corporate loan products backed by digital assets.
Sberbank said demand from corporate clients is strong and that it is ready to cooperate with the Bank of Russia to establish a regulatory framework related to crypto-backed lending.
Sberbank late last year piloted a crypto-backed loan for digital-asset mining company Intelion Data, and rival Sovcombank has also said it plans to offer Russia’s first crypto-backed loan.

Russia’s largest bank Sberbank is preparing to launch corporate loan products backed by digital assets (cryptocurrencies), Reuters reported on the 5th (local time).

According to Reuters, a Sberbank spokesperson said demand from corporate clients is strong and that the bank is ready to work with the Bank of Russia to establish a regulatory framework for crypto-backed lending.

Sberbank previously piloted a crypto-backed loan late last year for digital-asset mining company Intelion Data, which pledged the digital assets it mined directly as collateral. The loan size was not disclosed.

Earlier, Sberbank rival Sovcombank said it would offer Russia’s first crypto-backed loan.