Nornickel tokenizes accounts payable

The pilot issue of digital financial assets began on August 3

03.08.2022 - 09:45

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What’s new? Nornickel, a Russian mining and metallurgical company, led by Vladimir Potanin, began using digital financial assets (DFAs) to tokenize its accounts payables to its equipment supplier, the group of companies Sever. According to RBC, the pilot project was launched on August 3.

News on the RBC website

How is tokenization happening? Nornickel will conduct an issue of digital counterparts of bonds on Atomyze, a blockchain platform. A token called New Money Market (NMM) will be secured by the company’s financial obligations to return funds on a certain date. The value of one token and the entire test issue is 9,2 million Russian rubles with a maturity of 45 days.

Atomyze is a Russian information systems operator licensed to issue, store, handle and exchange DFAs. The platform provides digitalization services for various assets and financial liabilities. One of the platform’s investors is Interros, an investment company, also led by Potanin.

In July, Russia’s first investment transaction with DFAs was conducted by Rosbank. The bank invested in a digital token for palladium metal also issued by the Atomyze platform. GPF Investments, an international fund with a portfolio of precious metals, acted as an issuer. The asset is linked to the market value of palladium and entitles Rosbank to a cash claim equivalent to its market value.

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