Norilsk Nickel is testing the Atomyze platform based on the Hyperledger blockchain and is preparing to issue tokens backed by palladium, cobalt and copper. At the same time, the issue of obtaining licenses from regulators is being resolved.
Testing of the Atomyze platform takes place with the participation of Trafigura, Umicore and Traxys companies working in the metallurgical industry. They started testing the platform’s functionality at the earliest stage of testing, which began back in December.
The development of the Atomyze platform was carried out by the Swiss firm Tokentrust under the leadership of CEO Marco Grossi, who previously headed the Swiss branch of Deloitte, and Alexander Stoyanov, managing Director of the NorNickel branch – Global Palladium Fund. IBM acted as a leading technology partner, and Big Blue was responsible for integrating the advanced BFT (Byzantine Fault Tolerant) consensus algorithm.
Atomyze developers are already “preparing the ground” for the release of tokens backed by palladium, cobalt and copper, which are mined by Norilsk Nickel. In the first year after the launch of the platform, the company plans to tokenize up to 10% of total sales, in the future this figure may increase to 20%. Atomyze is currently negotiating with large organizations from various industries that will be ready to connect to the platform and become independent nodes to ensure the necessary level of decentralization. The network will operate in the IBM public cloud.
Vladimir Potanin, General Director of Norilsk Nickel, said that later the Atomyze platform will be available to a wide range of companies and financial organizations in the United States and Switzerland. By the end of the year, Russian users can also get access to Atomyze, if by this time the legal status of digital assets in the country becomes clear.
According to Marco Grossi, Atomyze’s management is going to send an application to the Swiss regulatory authorities for a license to work with tokenized securities. The platform will comply with European laws on the protection of confidential information, in particular, the General data protection regulation (GDPR) and the German cybersecurity regulation Cloud Computing Compliance Controls Catalog (C5).
Recall that last week, the Norilsk Nickel platform for asset tokenization was tested in the Bank of Russia’s sandbox.