Sberbank Plans Crypto-Backed Business Loans Amid Strong Demand

Russia's largest bank, Sberbank, is preparing to launch business loan products backed by cryptocurrency. According to PANews, a spokesperson from the bank stated that the initiative is driven by strong customer demand and expressed readiness to collaborate with the Russian central bank to establish a regulatory framework. This move aligns with similar strategies by international banks, such as JPMorgan exploring these products and Wells Fargo already offering related services. Late last year, Sberbank completed a pilot transaction with mining company Intelion Data, which used its self-produced digital currency as collateral. The bank managed the collateral through its proprietary custody infrastructure and Rutoken hardware solutions.