Russia’s largest lender Sberbank to debut crypto-backed loans following pilot

Sberbank, Russia’s largest lender, plans to roll out crypto-backed loans after testing a program in December using self-mined cryptocurrency as collateral, Reuters reported Friday, citing a spokesperson for the bank.

The pilot, conducted in collaboration with mining firm AO Intelion Data, aimed to support cooperation with the central bank on crypto regulation and infrastructure, and could extend to any firm holding digital assets, Deputy CEO Anatoly Popov said at the time.

According to Sberbank, the upcoming launch is being driven by robust demand from corporate clients. The bank is also broadening its focus to include companies with crypto holdings, in addition to miners.

A crypto-backed loan lets borrowers use digital assets as collateral to access fiat or stablecoins. Many banks have begun offering these loans as a high-profit, low-risk way to tap into the digital asset market while addressing the challenges of traditional lending.

Wells Fargo, for instance, offers specialized credit lines that include digital assets as part of the collateral package. JPMorgan Chase was reported last year to be preparing to allow institutional clients to use Bitcoin and Ether as loan collateral.

In Russia, Sovcombank became the first major private bank to unlock access to Bitcoin-backed loans. Launched earlier this week, the product caters to companies and individuals legally holding crypto.

Apart from the crypto-backed loans, Sberbank is also looking to roll out crypto custody services with account-like safety guarantees and asset-freezing provisions.

Crypto is playing a growing role in Russia’s economy and foreign trade, as transactions in most global currencies are targeted by Western sanctions imposed after Russia launched military action in Ukraine.

The Russian central bank defines crypto as foreign exchange assets, permitting their purchase and sale but prohibiting domestic payments. The regulator plans to finalize a legislative framework for crypto assets by July 1, 2026.