Norilsk Nickel, a Russia-based metal company, is launching a palladium-backed token and an exchange for tokenized commodities.
The token is based on Hyperledger Fabric and developed with the support of IBM, Potanin says.
A curious detail: an avid ice hockey player who is known for playing with Russian President Vladimir Putin in amateur games, Potanin once invested in a hockey analytics startup founded by a friend of Buterin's father.
At the same time, Nornickel is also issuing its own token, providing a new, more flexible way of managing sales contracts, Potanin says, and a new way for investors to participate in the company's operations in Northern Siberia.
The tokens will be backed either by Nornickel's guarantee to ship the actual tons of metal or by special metal accounts in a bank if a buyer doesn't need palladium itself, Potanin adds.
The token is built on Hyperledger Fabric and supported by IBM. Nornickel is also planning to launch a marketplace where its token and similar asset-backed tokens issued by other companies would be traded.
You see palladium is going up, but you can't go to Norilsk Nickel and buy palladium for several million dollars," Potanin said.
Asset-backed tokens can be especially attractive for traditional businesses as they may attract money from crypto investors, Potanin said.
Potanin helped write the legislation for digital assets in Russia as a member of a blockchain working group within the Russian Union of Industrialists and Entrepreneurs, a lobbying group formed by the country's largest industrial players.
Given Potanin's high profile, some might wonder if Nornickel token projects are an elaborate way to skirt sanctions imposed on Russia by the U.S. and Europe.
Meet the Russian Oligarch Launching a Metal-Backed Crypto Token
gepubliceerd op Oct 7, 2019
by Coindesk | gepubliceerd op Coinage
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