With the support of a sanctioned Russian tycoon, Atomyze became the country's first officially recognised digital asset manager in February 2022 after acquiring central bank registration.
In association with the regional bank Rosbank, the government-supported tokenization platform Atomyze has launched its first digital asset backed by palladium.
On July 18, Rosbank formally declared that it had joined Atomyze, a Russian blockchain startup, as a partner and investor in the country's first transaction involving a digital asset, palladium.
The recently released digital asset is the first digital financial asset (DFA) created through Atomyze, according to the statement.
In February 2022, the platform received authorization from the Bank of Russia, making it the first authorised manager of digital assets in the nation.
Interros, a Russian business and investment company co-founded by sanctioned tycoon Vladimir Potanin, supports both Atomyze and Rosbank.
Plans to tokenize palladium through a palladium fund domiciled in Switzerland were first revealed by the CEO of the Russian nickel and palladium mining and smelting company Nornickel back in 2019.
According to a statement from Interros, Atomyze will be a crucial component of the company's digital ecosystem, which also includes Rosbank, the newly purchased private bank Tinkoff from Potanin, and the software development company Reksoft.
"This is a really important occasion.
Investments in this metal are available to Russian companies and individuals, according to Potanin's declaration.
The "age of tokenization" will begin in Russia as a result of this event, the oligarch noted.
"This is a really important occasion.
Investments in this metal are available to Russian companies and individuals, according to Potanin's declaration.
The "age of tokenization" will begin in Russia as a result of this event, the oligarch noted.
Potanin also voiced optimism that cryptocurrencies like Bitcoin (BTC) will eventually be replaced by Atomize-issued digital financial assets like the palladium token, saying:
Industrial and other tokens, unlike cryptocurrencies, are supported by tangible assets, and the use of blockchain technology makes their transactions dependable, practical, and transparent.
The cryptocurrency will lose to the token, which will force it outside of the digital market.
Industrial and other tokens, unlike cryptocurrencies, are supported by tangible assets, and the use of blockchain technology makes their transactions dependable, practical, and transparent.
The cryptocurrency will lose to the token, which will force it outside of the digital market.
Although the new investment product is technically known as the "palladium token" by Atomyze and Rosbank, it resembles a stablecoin because it is backed by precious metals.
According to the bank's announcement, "The novel product allows Rosbank to a cash claim equal to the market value of palladium."
Major international stablecoin issuers like Tether and Paxos released gold-backed stablecoins a few years ago, as Cointelegraph previously covered.
According to the bank's announcement, "The novel product allows Rosbank to a cash claim equal to the market value of palladium."
Major international stablecoin issuers like Tether and Paxos released gold-backed stablecoins a few years ago, as Cointelegraph previously covered.
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