The largest Russian palladium producer, Norilsk Nickel, is testing its own tokens to fulfill credit obligations to the supplier, the Sever group of companies.
Alexander Gavrilov, Director of the Treasury Department at Norilsk Nickel, said in an interview with RBC that Norilsk Nickel issued digital financial assets (DFA) for its accounts payable using the Atomize platform as a pilot project. The token is called New Money Market and will go on the market under the ticker NMM.
The token from Norilsk Nickel is a digital analogue of bonds. Its security is a financial obligation of the palladium producer to return the money to the NMM owner by a certain date, according to the contract.
The volumes of CFA issued correspond to the company’s debt to the Sever group of companies, which supplies production equipment for Norilsk Nickel’s operations. The tokens will be transferred to the address of the Sever group of companies and sold to Rosbank acting as an investor.
The cost of one NMM corresponds to 9.2 million rubles. According to the agreement, Norilsk Nickel undertakes to repay the accounts payable to the supplier in 45 days. The company, co-owned by billionaire Vladimir Potanin, is considering the possibility of scaling up the production of such CFAs in the future. The Atomize blockchain, on which the New Money Market tokens were issued, belongs to Potanin.
In February, the Atomize platform, which provides services for the issuance of tokens, was the first in Russia to receive the status of a digital financial asset operator (DFA) from the Central Bank of the Russian Federation. Immediately after the registration of Atomize, Potanin said that the state cryptocurrency and tokens would enable the Central Bank to promote new technologies without risking the financial system. Earlier, Norilsk Nickel’s Global Palladium Fund placed metal-backed ETCs on the Deutsche Börse stock exchange and announced its intention to list them on the London Stock Exchange.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
