Nornickel, a Russian mining and smelting giant plans to launch a digital platform for metals trading by the end of 2019, as per a local news outlet TASS reported on July 9.
Andrey Bugrov, the vice-president of Nornickel told TASS that “the preparation process was quite lengthy, but nevertheless, we plan to bring this product [digitization of metal trading] to the market by the end of 2019 and begin trading our tokens.”
As per Bugrov, this token trading program could be worth nearly $1 billion, though it is a target figure. He noted out the necessity to analyze market demand in order to understand number of factors afftecting the product as a not specifically regulated, but depend on market conditions.
Russian billionaire and CEO of Nornikel Vladimir Potanin revealed in March that they plan to deploy cryptocurrency tokens for trading palladium through a Switzerland-based palladium fund, and to launch several digital platforms.
Purportedly, with trading valuable metals the token enable more fluid transactions, wherein participants can sell excess volumes to third parties more easily than with traditional contracts.
Nornickel and tech giant IBM entered a partnership for an educational program for specialists last month via developing digital technologies for the mining and metals industry. One of the main challenges for the upcoming educational center includes student training, research and development of digital ecosystems in fields including blockchain and the Internet of Things.
Austrian steel trading company Alukönigstahl, recently announced its work on a blockchain-based steel trading data system dubbed “Steel but Smart.” Purportedly, the system will provide stakeholders with clear data on steel products’ origins, account and industry standards, as well as information about product properties, processing and deployment.
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