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Russia’s Richest Man Approved to Launch Tokenized Metals Blockchain Platform 

Norilsk Nickel CEO Vladimir Potanin, one of Russia’s richest men, has gotten the regulatory green light to launch his blockchain-based platform that would promote the sales of metal tokens.

The Moscow Times reports today that the platform dubbed Atomyze would help reduce the administrative cost of business involved in tracking materials and also boost the sales of its metals by 20 percent in the near future. 

The platform based on the Hyperledger Fabric would also help Russians use cryptocurrencies to purchase air tickets, ski passes, and Potanin’s metals, including nickel and palladium (a rare metal used in car catalytic converters and is currently worth $1550 per ounce). 

Commenting on the development, Potanin stated that the move would place Russia ahead of other countries in terms of digitalization. 

As per the report, Atomyze would be officially rolled out for public use by year-end, after the country’s law on digital financial assets comes into effect, with the project tipped to launch in the U.S. and Switzerland subsequently. 

However, when the blockchain platform would be launched in other countries, the service would be limited to only companies and will not be available to individuals, the Moscow Times report added. 

So far, the service is currently being used by just three companies in the country, such as Trafigura Group, Traxys, and Umicore. The number of users of the Atomyze platform would soar as the project has finally gotten the necessary approval from Russia’s central bank.  

It can be recalled that Coinfomania reported last year that the Nornickel digital trading platform had commenced beta testing. 

At the time, Potanin sees the utility in tokenizing contracts for trading metals, whereby the delay encountered in the sales of metal can be wholly eradicated, as clients can quickly sell their unwanted tokens to interested buyers. 

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