Sberbank, Russia’s largest bank, has issued the country’s first-ever crypto-backed loan.

The bank says it issued the loan to Intelion Data, one of Russia’s biggest Bitcoin miners. It did not disclose the size of the loan, nor the amount of crypto used to secure it.

“The loan was secured by digital currency mined by [Intelion Data],” Sberbank wrote in an official release. “We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies.”

As Bitcoin mining continues to grow apace in Russia, banks appear keener than ever to back the industry with financing and a wider range of options for investors.

Russia’s mining progress

Sberbank was careful to call the loan a “pilot.” It did not reveal the type of cryptocurrency used as collateral, nor the length of the loan period.

However, Sberbank hinted that it will look to issue similar loans in the future. The bank said it used its own cryptocurrency custody solution, named Rutoken, as part of the loan process. “This guarantees the assets’ safety during the loan period,” Sberbank wrote.

“The regulation of the digital currency market is still in its infancy in Russia,” said Anatoly Popov, Sberbank’s deputy chair. “We are ready to work with the Central Bank to develop relevant regulatory solutions and create the infrastructure for launching similar services.”

“This pilot deal allows us to test mechanisms for working with digital security, which could form the basis for future regulation,” Popov added.

The Russian media outlet RBC quoted the Intelion Data CEO Timofey Semenov as calling the loan deal “an important practical example for the industry.”

The Intelion Data chief said it was “an indicator that the market is reaching a new level.”

“If proven effective, this [kind of financing] could be scaled up and used [widely] in the Russian mining industry,” Semenov said.

Gradual crypto legalisation

Earlier this month, Sberbank said it was testing a range of decentralised finance, or DeFi, tools.

It also said that it supports the “gradual legalisation of cryptocurrencies in the Russian legal framework.”

Sberbank rivals like VTB, meanwhile, have gone a step further, suggesting they want to accommodate their customers’ desire to buy and sell “real crypto.”

In May, RBC revealed that Intelion Data made $79 million in revenue in 2024, with its data centres using almost 300 MW of power.

The firm is building a mining centre near the Kalinin Nuclear Power Plant in the Tver Oblast. It is also developing its own gas power station, as well as turnkey mining data centre construction projects for industrial enterprises with idle power capacity.

The central bank, meanwhile, said this month that it is prepared to let ordinary Russians trade crypto within an annual limit of just over $3,800.