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Blockchain firm executes Russia's first digital asset deal with palladium

Blockchain firm executes Russia's first digital asset deal with palladium

The logo of Russia's mining company Norilsk Nickel (Nornickel) is seen during the St Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, Jun 15, 2022. (File photo: Reuters/Maxim Shemetov)

MOSCOW: Russian blockchain firm Atomyze has launched the first digital token backed by palladium produced by Nornickel, it said on Monday (Jul 18).

Atomyze was the first Russian firm to receive approval to exchange digital assets in February, while the central bank has long voiced scepticism about cryptocurrencies.

"The emergence of Russia's first industrial token marks the entry of the Russian economy into a new period - the era of tokenisation," businessman Vladimir Potanin said in a statement of his Interros Holding, one of Atomyze's investors and the largest shareholder at metals producer Nornickel.

"Unlike unsecured cryptocurrency, where blockchain technology is used to maximise user anonymity, industrial and other tokens are secured by physical assets, and the use of blockchain technology makes transactions with them secure," he added.

Russian bank Rosbank, in which Interros also owns a stake, and a broker Vector X, became the first investors on the platform, Atomyze said in its statement.

Source: Reuters/ng

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