Russia’s richest man, Vladimir Potanin, is planning to launch his private blockchain-based platform and cryptocurrency, according to reports by Moscow Times. The billionaire is making consistent headway with this platform for industrial assets and commodities.
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.
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:
“To some extent, Russia appears ahead of many other jurisdictions in terms of digitalization. The central bank gave us a far-reaching mandate. Our project is of great importance for the economy because the easier new products are offered, the faster they are produced.”
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.