Nornickel began testing a platform for metal tokenization

Mining and Metallurgical Company Norilsk Nickel began testing a digital platform for trading tokens secured by palladium, and later other metals.
This was announced in an interview by the CEO of Norilsk Nickel Vladimir Potanin, adding that the companies Trafigura Group, Traxys and Umicore take part in the testing. According to Potanin, if a law is not adopted in Russia that clearly regulates the legal status of cryptocurrencies, then the official launch of the platform can take place in the UAE, USA, Switzerland or Singapore. Potanin expressed hope that soon such a law would nevertheless be adopted.

The management of Norilsk Nickel believes that blockchain technology will greatly simplify trade and administrative processes, allow transparent monitoring of metals and reduce associated costs. In addition, customers will be able to buy tokens provided with metals, with the possibility of their further exchange for physical reserves. 

On the platform, it will be possible to purchase tokens not only for palladium, but also for all metals mined by Norilsk Nickel. If the client does not need the entire amount of inventory stipulated by the contract, he will be able to easily sell the surplus without entering into negotiations with the supplier.

“This is a new improved form of business,” said Vladimir Potanin, noting that Norilsk Nickel will be the first Russian mining company to use tokens for metal trading.

Recall that last year Norilsk Nickel planned to launch its own stablecoin, backed by precious metals, in order to present a cryptocurrency asset with low volatility on the market. In June, Norilsk Nickel supported the initiative of the Moscow Institute of Physics and Technology to study blockchain and create digital ecosystems.

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