Russian smelting giant Nornickel will launch digital trading platform by the end of 2019

Russian smelting giant Nornickel will launch digital trading platform by the end of 2019


According to the Russian Tas news agency reported on July 9, Russian mining and smelting giant Nornickel plans to launch a metal trading digital platform by the end of 2019.

Nornickel Vice President Andrey Bugrov said in an interview with Tass, "The preparation process is quite long, but in any case, we plan to bring this product (digitalization of metal trading) to the market by the end of 2019 and start trading our tokens. ".

Bugrov also said that the token trading plan may create a value of nearly $1 billion, which of course is only a target figure. He pointed out that it is necessary to analyze the market demand for this product, because many factors are not clearly defined, but depend on market conditions.

In March of this year, Vladimir Potanin, CEO of Russian billionaire and Nornikel Vladimir Potanin, revealed that the company plans to deploy cryptocurrency tokens and launch several digital platforms to complete the trading of metal palladium through a Swiss-based palladium fund.

It is said that trading precious metals with tokens will make the transaction more liquid, and participants can more easily sell excess trading volume to third parties than traditional contracts.

Last month, Nornickel partnered with technology giant IBM to launch an educational program to develop digital technologies for experts in the mining and metals industries. The main challenges facing the upcoming education center include the research and development of digital ecosystems in the areas of student training, blockchain and internet of things.

Recently, Austrian steel trading company Alukonigstahl announced that it is developing a blockchain-based steel trade data system called "smart steel." The system is said to provide stakeholders with clear data on steel product sources, accounts and industry standards, as well as information on product performance, processing and deployment.

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