Sberbank has conducted a pilot deal to provide a loan to the Russian mining company "Intellion," according to the bank's website. The loan was secured by cryptocurrency mined by the company itself, the credit institution stated.
In the transaction, Sber used its own development for storing cryptocurrency, utilizing the "Rutoken" hardware solution.
According to the bank's assessment, such a product will be relevant not only for miners but also for any companies that own crypto assets.
Earlier, Anatoly Popov, Deputy Chairman of the Board of Sberbank, stated in an interview with "RBC-Crypto" that the bank already offers clients structured bonds and digital financial assets (DFAs) with investments in Bitcoin, Ether, and baskets of crypto assets, is testing DeFi tools, and supports the gradual legalization of cryptocurrencies within the Russian legal framework.
A similar practice is emerging simultaneously on the American market. In October, Bloomberg, citing sources, reported that the largest U.S. bank, JPMorgan Chase, plans to allow institutional clients to use Bitcoin and Ethereum directly as collateral for loans. The cryptocurrencies will be held by a third-party custodian company. The new service expands the bank's existing practice: in June, JPMorgan began accepting shares of cryptocurrency ETFs as collateral.
Earlier this week, Bloomberg reported that JPMorgan plans to begin offering cryptocurrency trading to its institutional clients. The publication's sources linked this to the growing interest from the bank's clients following regulatory developments in the U.S.
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