The Russian tokenization platform Atomyze states that it will expand its work to the entire group of precious metals.
Industrial tokens created on the blockchain platform suddenly began rapidly developing in Russia. Industrial tokens have been known around the world in recent years, but few have yet decided to issue them.
The Russian tokenization platform Atomyze, where Vladimir Potanin’s Interros is one of the investors, stated that it would expand its work to the entire group of precious metals.
“We will definitely expand the range of underlying assets for the whole group of precious metals. Perhaps we will also cover industrial metals, although their potential is somewhat less: according to the requirements of the Central Bank (Russian organization is under sanctions of the European Union, the UK, Canada and the United States since February 27, 2022), they are not available to unqualified investors. Attracting new clients to issue debt digital financial assets. In addition, we are working with interested players to issue digital financial assets linked to blue-chip stocks on the Moscow Exchange,” Atomyze’s head Ekaterina Frolovicheva told the Russian business daily Kommersant.
She added that Atomyze plans to expand its range of investment products and allow investors to get the underlying asset itself at redemption. “New precious metals investment tokens will be released this year, as will debt products,” Frolovicheva said.
The head of Atomyze said that in the next few weeks the platform would start working with individuals. The main channel of communication with clients-individuals will be the mobile applications of the banks themselves. At the same time, she did not rule out the participation of non-residents.
“Non-residents can act as both investors and issuers of digital financial assets. The second point concerns release—to what extent digital financial assets issued in Russia can be transmitted to foreign platforms, and vice versa. The law (of Russia) does not prohibit release, if the site is regulated. We are betting on the fact that release will be in demand. But first of all we want to cover the Russian market, because there is a stable demand,” said Frolovicheva.
Perhaps such active token development is related to the sanctions against Russia, although Atomyze itself, of which Interros is one of the investors, was created before the current crisis in Ukraine—in the fall of 2021.
One of Russia’s businessmen, Vladimir Potanin, is the main inspirer of the idea of digitalization in Russia and has been lobbying for a national law on digital financial assets in Russia in recent years. Tokens for metals and other physical assets could become a good alternative to stocks and depositary receipts, and also open access to them for the widest range of investors, including ordinary citizens with relatively low investment opportunities.
Atomyze is an open platform for the digitalization of various assets, processes and rights, built upon distributed ledger technologies within the framework of current legislation. An open platform for both legal entities (issuers and investors) and individuals (investors)—Russian residents so far, according to the company’s website.