Nornickel palladium fund placed nickel- and copper-backed tokens on the London Stock Exchange

The palladium fund Global Palladium Fund, established by Nornickel, placed nickel- and copper-backed digital exchange-traded instruments (ETCs) on the London Stock Exchange (LSE) and Borsa Italiana.

According to the company, Global Palladium Fund is the first issuer of ETC using blockchain to ensure transparency and security of investors’ assets by recording immutable information about the metal.

The fund uses Hyperledger technology.

“By recording information about bars and cathodes on the blockchain, the technology provides reliable data for ETC investors on the origin, ownership and storage of the metal,” said Nornickel.

Earlier, the company began testing palladium-backed token transactions in 2019.

In late 2020, Global Palladium Fund launched the first tokens for industrial clients. In January 2021, Deutsche Börse added the tokens to the listing.

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