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CEO of Russian Metal Production Firm Proposed New Palladium-backed Cryptocurrency

By Katelyn James | March 30, 2019
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CEO of Russian Metal Production Firm Proposed New Palladium-backed Cryptocurrency

Russian metal production firm and its CEO announced plans for a palladium-backed digital currency, according to a report on March 27th.

Vladimir Potanin – head of the Russian nickel and palladium producing corporation MMC Norilsk Nickel PJSC (Nornickel) – looks to tokenize palladium for trading via Switzerland-based palladium fund, along with opening a few more crypto exchange platforms.

The platform will help provide smoother transaction execution. For instance, if a customer finds themselves with a larger contracted supply of a given sum than needed, they have to deal with their supplier, or immediately find another buyer while keeping custody of the excessive volume. With the assets tokenized, the redundant volume can be traded to a third buying company with ease.

Nornickel is reportedly having another plan in store for an internal digital platform for trading, which will trigger the Russian Central bank to start working on regulations regarding Blockchain-based firms and crypto trading, without having a negative impact on the economy. The launch of the new digital platform will be put on hold till legislation are put in place. Should the guidelines failed to be enacted, Potanin will pursue other plans.

Palladium is a precious metal with various purposes in different fields, such as dentistry, electronics, jewellery, catalytic and photography. Palladium trading price is predicted to drop $112 dollars (7.9 percent) in June after hitting a record number last week.

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