Russia's Sovcombank launches BTC-collateralized loan, a first for major Russian banks

Sovcombank, Russia's ninth-largest bank, has become the first major bank in the country to launch a loan product collateralized by Bitcoin. According to CoinDesk, Marina Burdonova, Sovcombank's Head of Compliance, explained that the product allows clients to finance business development without selling their assets. She added that the service is available only to companies and individuals who legally hold cryptocurrency. Previously, in December of last year, Russia's largest state-owned bank, Sberbank, launched a similar service, but it is still operating as a pilot program.