One of the world's largest palladium producers based in Russia announced that it is beginning the first phase of issuing blockchain-powered tokens to its industrial partners Traxys and Umicore.
Palladium Producer Giant issues its first blockchain tokens
According to the announcement, Norilsk Nickel (known as Nornickel) said the digital coin issuance includes metal contracts and is aimed at optimizing "supply chain efficiency and transparency."
Under the leadership of Russian billionaire Vladimir Potanin, the mining giant also specializes in the production of nickel. The company confirmed that mining company Traxys and materials technology company Umicore, based in Luxembourg and Belgium, respectively, will be the first customers to use their brand new Global Palladium Fund.
Anton Berlin, Vice President for Sales at Nornickel, commented on the tokenization process:
The tokens issued by the Global Palladium Fund on the Atomyze platform will enable the company to deliver Nornickel's products to customers more efficiently and transparently. We are confident that the industry will be given the tools it needs to ensure responsible sourcing.
Potanin received regulatory approval from Russian guard dogs in February when the country was discussing the possibility of making a crypto law a reality in the nation at the time.
Brands associated with palladium, cobalt and other metals
The mining giant indicated that its first-tier tokens will be tied to palladium, cobalt, copper mining and exploration. However, it is expected that other metals will be included in further stages.
In addition, Bernhard Fuchs, Senior Vice President Marketing Services for Precious Metals Management at Umicore said:
We recognize the value that the Atomyze platform offers: efficiency, cost optimization, and flexibility that tokenization brings – this is a leap towards new levels of business efficiency as well as layered documentation, and we look forward to continuing on this innovative path .
In July, news.Bitcoin.com reported that Russian President Vladimir Putin had signed the Digital Financial Asset Transactions Act (DFA) into law. It was approved by the State Duma, the lower house of the Russian Parliament, on July 22nd, and by the Federation Council on July 24th. The law comes into force on January 1, 2021.
What do you think of the tokenization process of this palladium mining giant? Let us know in the comments below.
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