Russia's Sberbank preparing to launch crypto-backed corporate loans

Sberbank, Russia's largest state-owned bank, is preparing to offer corporate loans collateralized by cryptocurrency, Reuters reported. The bank stated that there is high customer demand for such a service and that it is prepared to work with the central bank to establish a regulatory framework. Sberbank aims to provide the service not only to crypto mining firms but also to other companies holding digital assets. Previously, Sovcombank, Russia's ninth-largest bank, became the first major financial institution in the country to begin offering loans backed by Bitcoin.