The venture, dubbed Atomyze, launched on February 25 in test mode. Nornickel, Potanin’s mining and smelting firm, will lead in issuing tokens on the platform. Nornickel is one of the world’s top producers of palladium, platinum, nickel and copper. The Atomyze platform is designed to speed up transactions and support surplus supply trading. Also, it is designed to cut back on the red tape required for interactions between businesses and customers. IBM’s Hyperledger Fabric blockchain technology powers the Atomyze platform. Trafigura, Traxys, and Umicore were invited to participate in the testing phase.
Progress
Potanin suggested that other services and commodities from hit other businesses could be tokenized using this platform in the future. Some of the possible candidates for tokenization include ski passes at his resort in Sochi and Nordstar airline tickets. Now, he has got approval from the Russian Central Bank. Any user who holds the new digital tokens can transfer ski passes from Potanin’s ski businesses, book air tickets, and purchase metals. The Atomyze platform is expected to reduce paperwork and eliminate intermediaries. Potanin commented: The blockchain platform is scheduled to go live by the end of the year. It will be available for institutional clients in Switzerland and the United States. The billionaire also expects his crypto to have a huge impact on the metals markets.
