Nornickel launches first palladium-backed token

Nornickel launches first palladium-backed token

Mining Giant Nornickel Issues First Blockchain powered Metals Tokens

Contents

Nornickel launches first palladium-backed token
CONTENT

  • "Norilsk Nickel" started selling tokenized palladium

  • Two companies have already bought tokens "Norilsk Nickel"

  • The market sells tokenized metals, diamonds and real estate

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Norilsk Nickel Palladium Fund issues first tokens for industrial clients.

Nornickel launches first palladium-backed token

Palladium Backed Tokens On Sale

The Global Palladium Fund, which is part of the Norilsk Nickel structure and is the world’s largest producer of platinum, palladium and high-grade nickel, has issued the first tokens for industrial clients. This was reported by the press service of the company. Tokens will become the digital form of contracts with major industrial partners such as Traxys SA and Umicore SA.

The tokens were developed on the proprietary Atomyze blockchain platform, developed with the support of investors. And in February of this year, the site was tested at the Central Bank of Russia. The Atomyze platform, operated by Tokentrust AG, is based on distributed ledger technology Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or … More that allows physical assets to be digitized … GPF, the first issuer of the platform, issues tokens backed by the reserves of the entire portfolio of metals produced by Norilsk Nickel.

“Our company is developing and setting new standards by moving to digital transactions. The tokens issued on the Atomyze platform will enable the Global Palladium Fund to efficiently and transparently market Norilsk Nickel’s products to a wide range of buyers interested in digital solutions. We are confident that this will give the mining industry an opportunity to guarantee responsible choice of suppliers, ”commented Anton Berlin, Vice President – Head of Sales and Commerce at Norilsk Nickel.

Recall that the company started developing its own blockchain back in 2019. Then the president of PJSC MMC Norilsk Nickel, Vladimir Potanin, reported that the introduction of a blockchain platform and the issuance of tokens, backed by the cost of metal, would allow the company to sell 20% of all manufactured products in digital format. With the help of tokenization, Nornickel intends to solve two global problems: to reduce administration costs and track materials throughout the supply chain, as well as improve customer relationships.

Nornickel launches first palladium-backed token

“Atomyze industrial asset tokenization platform has the potential to revolutionize the commodity market. We are delighted to be one of the first to access this platform, and we are confident that this new ecosystem will make everyday transactions more flexible, environmentally responsible and profitable, ”said Traxys Chairman Alan Docter.

Earlier, BeInCrypto reported that Norilsk Nickel significantly increased sales of finished metal, and the company’s shares rose by 1%, reaching 20,172 rubles per share.

Nornickel launches first palladium-backed token

Instead of the ruble: Norilsk Nickel expands the scope of its tokens

Norilsk Nickel tokens may become an alternative currency and press even the Russian ruble.

You can pay with tokens not only for metals, but also purchase air tickets from Nordstar, as well as exchange for ski passes at the Rosa Khutor ski resort. Factual Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More can change the main currency, allowing you to pay for services and goods with Norilsk Nickel coins.

Note that this is not the first time that tokens have been used to purchase any goods or services. For example, BeInCrypto previously reported that a Dutch company issued tokens backed by a stock of sardines. Coin holders can exchange tokens for vintage sardine cans.

In addition, today on the OpenSea marketplace you can buy tokenized diamonds, gold and real estate.

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