Russian palladium producer Nornickel's digital metal token platform enters beta

According to Bloomberg, MMC Norilsk Nickel PJSC (Nornickel), the world's largest producer of palladium metal and refined nickel, has begun testing a digital metal token platform that could eventually account for one-fifth of its sales. Vladimir Potanin, Russia's richest man and CEO of Trafigura Group Ltd., said in an interview that the company's customers include Trafigura Group Ltd., Traxys SA and Umicore SA. Potanin hopes that Nornickel will be the first large-scale company to provide digital sales of metals Mining companies to help streamline transactions. Nornickel first announced plans for crypto tokens a year ago, but requires a trading venue. Potanin then invested in a startup to develop a blockchain platform built by IBM and trading metal based on Hyperledger Fabric.