Digital Token in Russia to Offer Palladium Investments

The transfers of digital assets – that are backed by valuable metals – are starting to rise in the jurisdiction of Russia as a token is being launched for palladium. The exceptional metal, having use cases such as jewelry as well as a few other applications related to the high-tech industry, is an asset that cannot be openly acquired in the region of the Russian Federation.

Rosbank and Atomyze Release Digital Token backed by Palladium

The Russia-based team of Atomyze (a venue that has a specialization in commodities’ tokenization), as well as Rosbank, are initiating transfers in valuable metals-based digital financial assets (DFAs). The earliest step in this respect is the release of token which is backed by palladium. Its holders will be provided with the rights for a monetary claim that would be similar to the respective metal’s market value, as declared by Atomyze in a press release.

The status of Palladium is not that of an open asset available in the Russian market, as noted by the business news platform “Prime” while informing about the very contract. Simultaneously, it is known as a fruitful investment. The metal is utilized as an alternative to platinum in the case of jewelry as the platinoids’ demand is escalating day by day in the international market. It is additionally known as one of the industrial materials related to the manufacturing of high-tech products.

Atomyze has a position as a registered entity under the Central Bank of Russia to operate a DFA venue as well as to provide financial tools based on blockchain. Many new opportunities can be created by Tokenization along with the substitutive instruments for both the private investors and the businesses, as explained by the report. The single legal term presently applied to Russia-based crypto assets is “digital financial assets” till the adaptation of a devoted law entitled “On Digital Currency.”

DFAs Rise in Russia

Vladimir Potanin – a billionaire and one among the people at the back of Atomyze – remarked saying that the release of the digital assets that permit for the raw material-based investment counts to be an exclusive model to get started in Russia. He added that this is only the beginning of a new period of tokenization. Formerly, Potanin has anticipated that the digital ruble as well as the other such tokens will substitute the crypto assets – that are unreliable in his words. Some additionally predict that deposits in foreign currency can also be replaced by DFAs.