Norilsk Nickel, the world’s largest producer of high-quality palladium and nickel, is at the center of its digital strategy. Since January 18, the Nornickels Global Palladium Fund has launched commodities, or ETCs, for metals on Deutsche Börse, which are deposited by TokenTrust AG and also use the Atomyze distributed ledger platform.

The Nornickels Global Palladium Fund intends to launch the ETC on the London Stock Exchange “in a few days”. The ETC, a tool that can be traded like stocks or shares, gives traders and investors access to an underlying commodity – in this case, metals. The Norilsk Nickel Foundation will contribute palladium, platinum, gold and silver to the recently launched ETC and partner with Swiss company TokenTrust AG on metal storage plans and coding strategies.

TokenTrust provides the organization with a distributed ledger technology platform called Atomyze, built on Hyperledger Fabric, that will be used to permanently record mineral information and code a fraction of the mining group’s contract sizes.

The ETC instruments will be offered at a spot price on the London Metal Exchange (LME) and will provide additional assurance of commodity origin by using distributed ledger technology to monitor and verify standards. Alexander Stoyanov, CEO of Nornickels Global Palladium, said:

“Our method of digitizing raw materials allows us to identify and trace the source of base minerals and their method of production, along with the mandate of ESG. Nornickel, whose products we supply, is setting a new standard for responsible mining by fully accrediting UN2030. Regulations and the current source of LBMA minerals standards. This gives a platform. Our ETC […] makes a difference. ”
As reported, Norilsk Nickel recently joined an initiative called the Blockchain Network of Responsible Sources, which was created to improve transparency, traceability, and validation of sustainable practices in the global mining and mineral industry. The network is built on the IBM Blockchain platform, and is likewise powered by Hyperledger Fabric.

Source: CoinTelegraph