Sberbank will launch digital tokens for gold

What’s new? Sberbank starts issuing digital financial assets (DFAs) for gold on its own blockchain platform. The asset will allow getting investment income depending on the dynamics of the price of gold. The main advantage of the new financial instrument will be the quick and convenient process of making a deal, which is made in the information system at the request of the investor using a smart contract without intermediaries. It is noted that investors will be able to transfer assets to other users of the platform, which will provide a secondary turnover of DFAs.

Sberbank’s press release

What else does the press release say? According to Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, even though the market of DFAs in Russia is at an early stage of development, “digital assets have great prospects for the bank’s clients and allow bringing already existing financial instruments to a new level.”

Popov believes that issuing DFAs for gold right now is “a timely measure in the changing financial landscape.” “Gold is a liquid investment and protective asset, investments in which are especially relevant for businesses in today’s situation,” he concluded.

What is known about the blockchain platform? Sberbank’s platform allows clients to issue their own tokens and create smart contracts. Integration with the bank’s information systems makes it possible to make payments in rubles as part of smart contracts. In late November, Alexander Nam, head of Blockchain Lab at Sberbank, announced that the platform would receive technological compatibility with the Ethereum-based decentralized finance (DeFi) ecosystem. This will allow developers to freely transfer smart contracts and entire projects between the bank’s blockchain network and open blockchain networks.

In July, Sberbank conducted its first deal to issue DFAs of SberFactoring, on its own platform. The issuer’s liabilities are secured by receivables transferred for factoring services.

In October, the first DFA for a basket of precious metals was issued on Atomyze, the platform for the digitalization of assets. It included gold, silver, platinum, palladium, rhodium, iridium, and ruthenium. In early December, Atomyze held its first trade with individuals. Unqualified investors were able to buy DFAs for palladium.