Palladium-Backed Token – The Russian Strategy to “Atomyzer” Bitcoin

From token to precious metal – The Russia’s relationship with Bitcoin (BTC) and cryptocurrencies are rather special, shall we say. At the stage of all states on the planet, the decentralized and uncensorable side of Bitcoin does not please. But the technology of block chainsshe seems very appreciated. The pinnacle of Russian crypto-interest is in stablecoins. These are in particular those backed by tangible assetsas the palladium.

Even though the path of domestic crypto payments on Russian soil seems strongly compromiseinternational exchanges via blockchain seem like a lot more likely for the Russian Federation.

In a press release published on July 18, 2022, the Russian bank Rosbank announced that it has invested in stablecoin-like digital tokens, leaned to stocks of palladium. A precious metal currently priced around $60,000 per kilo.

This investment was made via the platform Atomize, regulated in Russia. This first digital asset issue is based on the palladium production of the big Russian mining company nornickel.

“Rosbank is the first banking partner of the Atomyze platform. (…) in this case, our bank acted as an investor. The first investment transaction using the Law on Digital Financial Assets (DFA) in Russia confirms the possibility of dynamic development of the financial market using distributed ledger technologies (DLT). The tokenization of rights on precious metals, and on other assets linked to raw materials, is a new instrument (…) which can become an attractive alternative to investments in currencies [fiduciaires]. »

Perizat Shaikhina, First Vice President of Rosbank

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Palladium token: the first of a long series

As the first vice president of Rosbank suggests, it would be a real token train based on raw materials which began to set in motion in Russia on July 18. The managers of the Atomyze platform thus affirm that their structure is now acquired on track to satisfy a important demand in the matter.

“(…) Our team created a unique blockchain platform that allowed us to be the first to enter the official register [russe] operators of digital financial assets. (…) We are happy that this first step is only the beginning of a great story, which will include a new vision of traditional products and the creation of new elementary products, for issuers and investors. »

Ekaterina Frolovicheva, CEO of Atomyze

The Russian bankers seem in any case to compete in the race to adoption crypto technologies. Indeed, a few days ago, it was the large Russian banking establishment Sberbank which announced that one of its subsidiaries had carried out a first digital bond issue, a value of 1 billion rubles and through their own blockchain network, what’s more.

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