Nornickel’s Palladium Fund Issues First Tokens

The palladium fund established by Nornickel, Global Palladium Fund, has issued the first tokens to convert into a digital form part of the mining and metallurgical company’s contracts with industrial partners.

The palladium fund of Nornickel issued the first tokens for industrial clients https://t.co/6R3wHEiuO1

— Nornickel (@NornikOfficial) December 22, 2020

According to the press release, the shift to digital trading tools will ensure efficiency and transparency across the supply chain.

Global Palladium Fund issued tokens on the Atomyze blockchain platform, operated by the Swiss company Tokentrust AG.

The first counterparties were Nornickel’s long-standing partners – international commodity and raw-materials companies Traxys and Umicore.

“Tokens issued on the Atomyze platform will enable the Global Palladium Fund to efficiently and transparently market Nornickel’s products to a broad range of buyers interested in digital solutions. We are confident that this will give the mining industry the ability to guarantee responsible supplier choice,” said Anton Berlin, Vice President of Nornickel.

The world’s largest producer of platinum, palladium and high-grade nickel, and a leading copper producer, has created the Global Palladium Fund to broaden its global sales capabilities.

Earlier, Nornickel tested a blockchain platform for palladium-backed token transactions based on Hyperledger technology.

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