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  • The blockchain platform, dubbed Atomyze, is expected to speed up transactions, reduce paperwork and eliminate middlemen.
  • Vladimir Potanin expects his cryptocurrency to have a significant impact on metals.

According to Moscow Times reports, Vladimir Potanin, Russia’s richest man, is planning to launch his own blockchain-based platform and cryptocurrency. He has received approval from the Russian Central Bank as well. Users who hold the new digital tokens can buy metals, book air tickets and transfer ski passes from Potanin’s own ski businesses. The blockchain platform, called Atomyze, is expected to speed up transactions, reduce paperwork and eliminate intermediaries.

Potanin says:

To some extent, Russia appears ahead of many other jurisdictions in terms of digitalization. The central bank gave us a very wide mandate.

Atomyze, which is expected to go live by the end of 2020, will also reportedly be available for institutional clients in the US and Switzerland. The businessman expects his cryptocurrency to have a significant impact on metals. The digital tokens will first be tested by Norlisk Nickel – one of the world’s top producers of palladium, platinum, nickel and copper. Other firms that are planning to test Atomyze include Trafigura Group and Umicore. 

Potanin added:

Our project is of great importance for the economy because the easier new products are offered, the faster they are produced.