Norilsk Nickel CEO Vladimir Potanin, one of Russia’s richest men, wants to tokenize palladium. Potanin owns a third of Norilsk Nickel, the world’s largest palladium producer. Palladium is a rare metal used in car catalytic converters and is currently worth $1550 per ounce, more than gold ($1,318).
According to
Bloomberg, Potanin sees the utility in tokenizing contracts for trading. So if someone commits to buying a certain quantity of the metal and finds they don’t need it all, by tokenizing it might be easier to transfer part of the contract.
The billionaire is waiting for Russia to pass new laws relating to digital financial assets, but the current draft legislation requires digital platforms to be run by banks or exchanges. He hopes that will change.
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