Russia’s Norilsk Nickel, the world’s largest producer of palladium and nickel, has issued the first tokens involving metal contracts to its major industrial partners Traxys SA and Umicore SA, company’s press release says.
Norilsk Nickel became one of the first companies in the industry and in the world to launch this mechanism.
“Nornickel is developing and setting new standards by digitalizing market transactions. The tokens issued by the Global Palladium Fund on the Atomyze platform will allow it to deliver Nornickel’s products to customers in a more efficient and transparent way. We are confident that it will provide the industry with the necessary tools to guarantee responsible sourcing.” noted by Nornickel’s Vice President, Sales and Distribution Anton Berlin.
This will give the industry the tools it needs to ensure responsible sourcing and tracking its carbon footprint, along with other ESG requirements, the company is confident. Smart contracts and tokens for metals will allow the company to deliver products to customers in a more convenient and transparent way.
The first two clients, the world’s leading commodity actors and Nornickel’s longstanding partners — Traxys and Umicore — arrived after the mining giant announced its strategy to integrate into a digital ecosystem designed to give ultimate provenance and traceability to its metals.
The Global Palladium Fund (GPF) fosters global product distribution from its sole investor, MMC Norilsk Nickel, the world’s largest producer of palladium, high-grade nickel and other metals. Its mission is to broaden access to the world’s precious, base and rare earth metals and to facilitate the development of world-changing technologies while ensuring responsible use of the natural resources.
Tokentrust AG is a Swiss-based fintech company aimed at digitizing and tokenizing the multifaceted commodities industry. Tokentrust is launching the Atomyze platform, built on Hyperledger Fabric, with the vision to facilitate access to commodities and to illiquid markets.