Sovcombank, the First Russian Bank to Offer Bitcoin-Supported Loans

Sovcombank Begins Offering Bitcoin-Backed Loans

Sovcombank, Russia's ninth-largest bank, has announced that it has started offering Bitcoin-backed loans. This move makes it the first major bank in Russia to provide such loans.

Its rival and state-owned bank Sberbank initiated a pilot program in December, taking its first steps into the cryptocurrency sector. However, Sovcombank's move highlights the significant role Russian banks are playing in providing liquidity for cryptocurrency mining and businesses.

The bank's initiative responds to the growing demands from miners and crypto businesses looking to secure liquidity without selling their digital assets.