Crypto
Sovcombank offers Russia\'s first bitcoin-backed loans
Sovcombank has become the first financial institution in Russia to offer loans secured by bitcoin. According to a recent CoinDesk report, the move follows a pilot loan by Sberbank in December to mining company Intelion Data. Sovcombank is now starting a full service for individuals and legal entities. The bank said bitcoin-backed lending can help clients raise funds for business development without selling digital assets. Russia legalized cryptocurrency mining last November, with legal protection limited to registered firms and individuals.
