First batch of carbon-neutral nickel to go to market
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First batch of carbon-neutral nickel to go to market

June 05, 2021

New product of Nornickel will be sold in the form of tokens.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. The tokenization of metals became one of the key topics of the Industrial revolution in the financial sector: tokenized assets, digital financial assets and digital currencies of central banks session at the St. Petersburg International Economic Forum.

Sergey Batehin

“In connection with sustainable development, compliance with environmental, social and other standards, control of supply chains at each life cycle of the goods movement is becoming important. For example, now the European Union is going to introduce the so-called electronic battery passport for electric vehicles. We, as a nickel producer, are interested in our nickel bought and supplied to those companies, automotive concerns that want it to meet these standards. Just a smart contract, or a token, as it is called, allows a batch of this nickel, which is supplied to such consumers, to record information about where it was mined, to whom it was delivered, and how technological standards were observed”, said CEO, Interros board chairman Sergey Batehin.

According to the speaker, Nornickel is already issuing tokens backed by platinum, palladium, non-ferrous metals, which are now traded on the London and German stock exchanges as financial instruments. In addition, the company became the first issuer of the Atomyze platform to provide tokenization services. What is it for?

“If a carmaker buys catalysts that contain, for example, palladium, it does it on the basis of a one-year contract”, explained Sergey Batehin. “And what if it is impossible to plan for a year, because the car production market is falling? For example, a pandemic has come… The carmaker may need less metal than in the contract. Tokens are such a flexible tool that allows you either to buy more, or sell the excess. All this is done digitally quite efficiently”.

St. Petersburg International Economic Forum

The law on Digital Financial Assets (DFA) came into force on January 1. Now the Central Bank is registering the first platforms, which should be operators of information systems for the circulation of DFA.

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Text: Elena Popova

June 05, 2021

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