The Russian government-backed tokenization platform Atomyze has issued its first digital asset supported by palladium together with the neighborhood bank Rosbank.
Rosbank formally announced on Monday it grew to become the very first partner from the Russian blockchain firm Atomyze, serving as a trader in Russia’s first digital asset cope with palladium.
Based on the announcement, the recently issued digital asset may be the first digital financial asset (DFA) issued through Atomyze. The woking platform acquired registration in the Bank of Russia in Feb 2022, becoming the country’s first legal digital asset manager.
Both Atomyze and Rosbank are supported by Interros, a Russian conglomerate and investment firm co-founded by sanctioned oligarch Vladimir Potanin. The Chief executive officer from the Russian nickel and palladium mining and smelting company Nornickel initially announced intends to tokenize palladium in 2019 via a Europe-based palladium fund.
Based on a comment by Interros, Atomyze will serve like a key factor of Interros’ digital ecosystem including Potanin’s lately acquired private bank Tinkoff, software engineering firm Reksoft and Rosbank.
“This is really a truly significant event. Russian companies and people possess the chance to purchase this metal,” Potanin stated within the announcement. The big event also marks Russia’s economy entering a brand new period, the “era of tokenization,” the oligarch noted.
Related: Bank of Russia opposes private stablecoins in the united states
Potanin also expressed confidence that Atomize-issued digital financial assets such as the palladium token will eventually displace cryptocurrencies like Bitcoin (BTC), stating:
Unlike cryptocurrencies […] industrial along with other tokens are supported by physical assets, and using blockchain technology makes their transactions reliable, convenient and transparent. The token will defeat the cryptocurrency, pushing it towards the sidelines from the digital economy.
While both Atomyze or Rosbank make reference to the brand new investment product technically because the “palladium token,” the merchandise has characteristics of the stablecoin supported by gold and silver. “The innovative product entitles Rosbank to some cash claim equal to the marketplace worth of palladium,” the financial institution stated within the announcement.
As formerly as reported by Cointelegraph, major global stablecoin issuers like Tether and Paxos debuted gold-backed stablecoins a couple of years back.
