Russia’s Richest Man Plans Crypto Tokens Backed by Palladium – by Yuliya Fedorinova (Bloomberg News – March 27, 2019)

MMC Norilsk Nickel PJSC and its billionaire chief Vladimir Potanin are planning several digital platforms, including using crypto tokens for trading palladium.

The world’s top palladium producer is in talks with Swiss authorities about issuing tokens by its Switzerland-based palladium fund, and may eventually expand the concept to other metals, Potanin said in an interview in Moscow.

“People more and more tend to use decentralized networks and platforms that don’t have a main operator,” he said. “We want to be active participants of this process,” as trading in digital tokens has many advantages, he said.

Commodities and industrial sectors have been keen to adopt trading systems and technology using ledger systems like blockchain, which can cut costs and administration times. Some companies see the technology as a way to track materials through the supply chain, or are considering starting digital coins backed by goods.

Potanin, who owns about a third of Nornickel and is also chief executive officer, said he has floated the idea to clients and there’s demand for tokens backed by metal.

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