28 Dec 2023 14:02

Nornickel subsidiary issues pilot tokens for platinum group metals

MOSCOW. Dec 28 (Interfax) - Nornickel's metals digitalization subsidiary, GPF Investment, has issued four types of tokens linked to platinum group metals - platinum, palladium, ruthenium, and iridium, Nornickel said in a press release.

The tokens were issued on the Atomyze blockchain platform. The issuance includes 1,255 digital financial assets, equivalent to approximately 2.5 million rubles, with each token representing one gram of metal.

The initial token release targets three private investors including Nornickel's Vice President for Sales and Commerce Anton Berlin. Wider investor access will be possible as the supporting infrastructure and legal frameworks evolve.

The maturity of digital assets for platinum group metals is one year, but there are several early redemption periods. An investor can choose a maturity date that is comfortable for them and lock in a profit at a time when the price of metals is particularly attractive.

Pricing of platinum and palladium tokens aligns with the London Bullion Market Participants Association (LBMA) last evening rate, converted at the ruble-dollar exchange rate set by the Central Bank of Russia. Ruthenium and iridium tokens will be priced according to rates published by British chemical company Johnson Matthey.

These financial instruments are so far accessible exclusively to qualified investors. However, future plans include broader availability to all clients of partner banks integrated with the Atomyze blockchain platform, Nornickel said.