On Monday, Russian blockchain company Atomyze announced the introduction of the first digital currency backed by palladium made by Nornickel.
Atomyze was the first Russian company to be granted permission to trade digital assets in February, despite the central bank’s longstanding skepticism over cryptocurrencies.
“The development of Russia’s first industrial token signals the entry of the Russian economy into a new age – the era of tokenisation,” said Vladimir Potanin, CEO of Interros Holding, one of Atomyze’s investors and the largest stakeholder at metals manufacturer Nornickel.
“Unlike unsecured cryptocurrencies, where blockchain technology is utilized to maximize user anonymity, industrial and other tokens are backed by tangible assets, and the use of blockchain technology makes their transactions secure,” he noted.
The first investors on the platform are the Russian bank Rosbank, in which Interros also has a share, and the broker Vector X, according to a statement released by Atomyze.