'Token will defeat cryptocurrency': Russia launches palladium-backed stablecoin

Backed by a sanctioned Russian oligarch, Atomyze has become Russia's first legal digital asset manager, gaining registration with the bank plant in February 2022.

Russian government-backed tokenization platform Atomyze has released its first palladium-backed digital asset in collaboration with local bank Rosbank.

Rosbank officially announced on Monday that it has become the first partner of Russian blockchain company Atomyze, acting as an investor in Russia's first digital asset deal with palladium.

According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze. The platform was registered with the Bank of Russia in February 2022, becoming the country's first legal digital asset manager.

Both Atomyze and Rosbank are backed by Interros, a Russian conglomerate and investment firm co-founded by sanctioned oligarch Vladimir Potanin. The CEO of Russian nickel and palladium mining and smelting company Nornickel originally announced plans to tokenize palladium in 2019 through a Swiss-based palladium fund.

According to an Interros announcement, Atomyze will serve as a key part of Interros' digital ecosystem, including Potanin's recently acquired private bank Tinkoff, software engineering firm Reksoft and Rosbank.

"This is a really important event. Russian companies and individuals have the ...