December 8, 2023

Rosbank invested in a palladium-backed stablecoin on the Atomyze platform

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Rosbank invested in a palladium-backed stablecoin on the Atomyze platform

The Russian platform Atomyze, powered by the Hyperledger blockchain, has launched the first digital financial asset backed by palladium. Rosbank invested in it.

This was one of the first in Russiainvestment transactions using digital financial assets (DFAs). As Rosbank management reported, the bank provided the infrastructure for settlements and acted as an investor. The issuer of the digital token tied to the value of palladium was GPF Investments LLC. 

Note that in February 2022 the platformAtomyze became the first registered DFA operator in Russia to receive permission from the Bank of Russia. The main investor of the site is the well-known Russian investment company Interros, headed by Vladimir Potanin.

As stated by the first deputy chairmanRosbank Board of Directors Perizat Shaikhin, the first transaction using DFA in Russia proves that the financial market can actively develop with the help of distributed registry technology (DLT). In addition, tokenization of rights to precious metals represents a new tool that can become an alternative to investing in foreign currencies.

General Director of Atomyze EkaterinaFrolovicheva added that the platform has gone through a difficult path to implement the idea of ​​​​issuing DFA. To do this, we had to interact with the country’s regulatory and legislative bodies, who expressed their readiness to improve the financial market with the help of fundamentally new products.

“Issue of palladium-backed DFAs is newstage in managing the sale of precious metals in Russia and abroad. There is a growing demand for palladium in the world, as it is used in high-tech production, so the product will be in demand among investors,” commented Vladimir Pronsky, CEO of JPF Investments LLC.

A few days ago, Russian President VladimirPutin signed a law regulating the circulation of digital financial assets. According to this law, cryptocurrencies cannot be used as payment for goods and services. The law also contains the concept of “operator of electronic platforms”, which are regulated by the Bank of Russia.

Let us recall that the first deal with the issue andThe redemption of the DFA was carried out at the end of June by VTB Bank together with the issuer Lighthouse. Last week, the Russian platform Sber also announced the issue of DFA in the amount of 1 billion rubles for a placement period of three months.