Billionaire Vladimir Potanin has received approval from the Russian central bank to launch his own blockchain-based platform and token to be used by consumers, Bloomberg reports.
Oligarch Brings Blockchain to the Masses
Vladimir Potanin, who recently became the richest man in Russia as per Forbes, wants to expand his blockchain platform by launching his own crypto token. The digital units will allow clients to buy metals, air tickets, and transfer ski passes from his businesses.
Ironically, the news comes days after we reported that FSB, Russia’s version of FBI, sided with the central bank to potentially ban cryptocurrency’s status as a means of payment.
Potanin voiced his intentions to develop crypto tokens on several occasions. He wanted to help clients buy metals with tokens without any friction. Now he can advance with his plans after obtaining the green light from the Bank of Russia.
The goal of the platform is to cut paperwork and middlemen, as well as speed up transaction time.
He told Bloomberg:
To some extent Russia appears ahead of many other jurisdictions in terms of digitalization. The central bank gave us a very wide mandate.
Atomyze Crypto Tokens Will Be Available in US, Switzerland
Potanin’s blockchain platform, called Atomyze, will also be present in Switzerland and the US, but it will be available only to institutional clients there.
Atomyze is about to go live by the end of 2020, once the Russian law on digital financial assets passes through the State Duma and comes into force.
Potanin says that his tokens would have a great impact on metals. His nickel and palladium mining giant, Norilsk Nickel, will be the first to trial the tokens backed by palladium,