Rosbank invested in palladium on the Atomize platform
The government-backed Russian tokenization platform Atomize has released its first palladium-backed digital asset in collaboration with Rosbank.
Rosbank officially announced on Monday that it has become the first partner of the Russian blockchain firm Atomize, acting as an investor in Russia's first digital asset transaction with palladium. According to the announcement, the newly released digital asset is the first digital financial asset (DFA) issued through Atomize. The platform was registered with the Bank of Russia in February 2022, becoming the country's first legal digital asset manager.
Both Atomize and Rosbank are backed by Interros, a Russian conglomerate and investment firm co-founded by Vladimir Potanin. The CEO of the Russian nickel and palladium mining and smelting company Nornickel initially announced plans to tokenize palladium back in 2019 through the Swiss palladium fund.
According to Interros' announcement, Atomize will serve as a key element of Interros' digital ecosystem, including the recently acquired private bank Tinkoff, software development firm Reksoft and Rosbank.
"This is a really significant event. Russian enterprises and individuals have the opportunity to invest in this metal," Potanin said in a statement. This event also marks the entry of the Russian economy into a new period, the "era of tokenization," he noted.
Potanin also expressed confidence that digital financial assets issued by Atomize, such as the palladium token, will sooner or later displace cryptocurrencies such as bitcoin, stating:
"Unlike cryptocurrencies, industrial and other tokens are backed by physical assets, and the use of blockchain technology makes their transactions reliable, convenient and transparent. The token will defeat the cryptocurrency, pushing it towards the digital economy."
The product has the characteristics of a stablecoin backed by precious metals. "The innovative product gives Rosbank the right to a monetary claim equivalent to the market value of palladium," the bank said in a statement. Major global issuers of stablecoins, such as Tether and Paxos, debuted with gold stablecoins a few years ago.
https://coin-signal.com/cryptonews/rosbank-invested-in-palladium-on-the-atomize-platform/
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