Atomyze, a tokenization startup by Russian mining and smelting giant Nornickel, is setting up shop in Greenwich, Conn., to sell tokenized metals in the U.S.
The company, whose legal name is Atomyze LLC, will become the second foothold for Nornickel’s tokenization ambitions. It will work in parallel another entity that will tokenize Nornickel’s metals, Tokentrust, which was launched in February in Switzerland. Atomyze does not currently have a presence in Russia.
There are two use cases for metal-backed tokens, Nornickel CEO Vladimir Potanin told CoinDesk last year. First, industrial producers can use such tokens to flexibly modify their contracts for the delivery of the actual metals.
Second, people interested in investing in the metal industry might use the tokens to bet on the prices of metals such as palladium, copper or nickel, instead of buying stock in companies like Nornickel.
Both Atomyze and Tokentrust will use a Hyperledger Fabric-powered backend coded