The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the native financial institution Rosbank.
Rosbank formally introduced on Monday that it turned the primary accomplice of the Russian blockchain agency Atomyze, performing as an investor in Russia’s first digital asset take care of palladium.
According to the announcement, the newly issued digital asset is the primary digital monetary asset (DFA) issued via Atomyze. The platform obtained registration from the Bank of Russia in February 2022, changing into the nation’s first authorized digital asset supervisor.
Both Atomyze and Rosbank are backed by Interros, a Russian conglomerate and funding agency co-founded by sanctioned oligarch Vladimir Potanin. The CEO of the Russian nickel and palladium mining and smelting firm Nornickel initially introduced plans to tokenize palladium again in 2019 via a Switzerland-based palladium fund.
According to an announcement by Interros, Atomyze will serve as a key aspect of Interros’ digital ecosystem together with Potanin’s just lately acquired personal financial institution Tinkoff, software program engineering agency Reksoft and Rosbank.
“This is a truly significant event. Russian businesses and individuals have the opportunity to invest in this metal,” Potanin mentioned within the announcement. The occasion additionally marks Russia’s economic system coming into a brand new interval, the “era of tokenization,” the oligarch famous.
Related: Bank of Russia opposes personal stablecoins within the nation
Potanin additionally expressed confidence that Atomize-issued digital monetary belongings just like the palladium token will ultimately displace cryptocurrencies like Bitcoin (BTC), stating:
Unlike cryptocurrencies […] industrial and different tokens are backed by bodily belongings, and using blockchain know-how makes their transactions dependable, handy and clear. The token will defeat the cryptocurrency, pushing it to the sidelines of the digital economic system.
While each Atomyze or Rosbank consult with the brand new funding product technically because the “palladium token,” the product has traits of a stablecoin backed by treasured metals. “The innovative product entitles Rosbank to a cash claim equivalent to the market value of palladium,” the financial institution mentioned within the announcement.
As beforehand reported by Cointelegraph, main world stablecoin issuers like Tether and Paxos debuted gold-backed stablecoins a couple of years in the past.