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Russia’s Richest Man Launches Metals Blockchain

Russia’s Richest Man Launches Metals Blockchain

Russia’s richest man and CEO of Norilsk Nickel, Vladimir Potanin, got approved by the regulatory to launch his blockchain-based platform that would promote the sales of metal tokens, dubbed Atomyze. The platform has launched on February 25, in testing mode.

According to the Moscow Times report, the platform would help reduce the administrative cost of business involved in tracking materials and also boost the sales of its metals by 20 per cent in the near future.

Interestingly, the Hyperledger Fabric-based platform also helps Russians use cryptocurrencies to purchase air tickets, ski passes, and Potanin’s metals, including nickel and palladium (a rare metal used in car catalytic converters and is currently worth $1550 per ounce).

Atomyze would be officially rolled out for public use by the end of the year, after the country’s law on digital assets come into effect, with the project tipped to launch in the US and Switzerland subsequently.

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Commenting on the development, Potanin stated that the move would place Russia ahead of other countries in terms of digitalization.

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