Sberbank, Russia’s largest bank, stated that it was preparing to roll out a program of crypto-backed loans for corporate customers. The institution stressed that it was currently finalizing the infrastructure needed to scale up the rollout of these financial products.

Sberbank Prepares To Scale Issuance Of Crypto-backed Loans

Russian banks are prepared to take a step forward in including digital assets as part of the national financial system.

According to Reuters, Sberbank, Russia’s largest banking institution, is adapting its infrastructure to offer crypto-collateralized loan options to corporate customers.

Sberbank was one of the pioneers in offering this kind of lending service in Russia, issuing the first of such loans in December as part of a pilot program. The loan was issued to Intelion, an industrial cryptocurrency miner with over 1,500 customers, for an undisclosed amount.

At that time, Sberbank used the bank’s system and the Rutoken platform to receive and secure the crypto collateral for the loan. In a press release, the bank referred to this development, stating that “its main goal was to test the technological aspects of working with this type of collateral.”

Sberbank announced that this rollout was not only focused on companies in the crypto sector but also on regular companies holding crypto as part of their reserves.

Reaffirming its compliance-first approach, Sberbank stated:

“We are ready to work with the Central Bank to develop appropriate regulatory solutions for the launch of such services.”

Sberbank has been involved in several key cryptocurrency developments in Russia, participating in the digital ruble pilot and proposing to launch Russian crypto custody services in 2025.

The announcement comes after another bank, Sovcombank, revealed that it was also offering crypto-backed lending services to any entity meeting its requirements.

View sources >>  Russia's Sberbank to Start Issuing Loans Backed by Crypto Collateral