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One of the world’s largest palladium producers, based in Russia, has 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-powered tokens

According to the AnnouncementNorilsk Nickel (known as Nornickel) said that digital coin issuance involves metal contracts, and the goal is to optimize the efficiency and transparency of the supply chain.

Led by Russian billionaire Vladimir Potanin, the mining giant also specializes in nickel production. The company confirmed that mining company Traxys and materials technology company Umicore, located in Luxembourg and Belgium respectively, are the first clients to use 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 make it possible to deliver Nornickel’s products to customers in a more efficient and transparent manner. We believe it will provide the industry with the necessary tools to ensure responsible sourcing.

Potanin got the regulatory approval of Russian watchdogs in February, when the country at the time discussed the possibility of making a crypto law a reality in the country.

Tokens linked to palladium, cobalt and other metals

The mining giant pointed out that its tokens will be linked to palladium, cobalt, copper mining and exploration in the first phase. However, other metals are expected to be included in further stages.

Additionally, Bernhard Fuchs, senior vice president of marketing services of precious metals management at Umicore said:

We recognize the value that the Atomyze platform delivers: efficiency, cost optimization, and flexibility that tokenization brings – it’s a leap forward to new levels of business efficiency and multi-layered documentation, and we look forward to getting started. this innovative path.

In July, reported that Russian President Vladimir Putin has signed the bill regulating digital financial asset (DFA) transactions. It was approved by the State Duma, the lower house of the Russian Parliament, on July 22 and by the Federation Council on July 24. The law will enter into force on January 1, 2021.

What do you think about the tokenization process of this palladium mining giant? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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