Nornickel releases its first metal contract-backed digital coins. One of the largest palladium producers in the world, based in Russia, has announced the launch of the first stage of issuing blockchain-powered tokens to its industrial partners Traxys and Umicore.
According to the announcement, Norilsk Nickel (known as Nornickel) said the issuance of the digital coins involves metal contracts, and it aims to optimize “supply chain efficiency as well as transparency.”
Led by Russian billionaire Vladimir Potanin, the mining giant is also specialised in nickel production. The company has reported that the mining company Traxys and the material technology company Umicore, located in Luxembourg and Belgium, are the first customers to make use of its brand-new Global Palladium Fund.
Anton Berlin, vice-president of sales and distribution at Nornickel, commented on the tokenization process “The tokens issued by the Global Palladium Fund on the Atomyze platform will allow it to deliver Nornickel’s products to customers in a more efficient and transparent way. We are confident that it will provide the industry with the necessary tools to guarantee responsible sourcing.”
Potanin got the regulatory approval from Russian watchdogs in February, as the country discussed at that time the possibility of making a crypto law a reality in the nation.
[image: Anastasiya Romanova]