Rosbank and Atomyze have issued the first digital asset in the Russian Federation

Atomyze and the local bank Rosbank have issued a palladium-backed token, which has become Russia’s first digital financial asset (DFA). It grants the right to a cash claim equal to the fair market value of palladium.

The relevant law was passed last year, but the first token in Russia was issued only after the amendments to the Tax Code were signed by the president of the country. The token was issued by the tokenization platform Atomyze. It is backed by Interros, a Russian investment firm founded by Vladimir Potanin.

Up to that moment, palladium was not a generally available asset in Russia, but now this metal is presented on the Atomyze platform as a new type of a financial instrument. The investment originality of this asset is the right to a cash claim equal to the fair market value of this metal.

The first issuer of the DFA is GPF Investments, a Russian sub-company of the international Global Palladium Fund. The head of the company Vladimir Pronsky said that there is an increasing demand for platinum metals, including palladium.

Atomyze CEO Ekaterina Frolovicheva noted that while creating a platform the company interacted with the Central Bank of the Russian Federation and law-making bodies in order to follow up the legal framework. The company managed to create a unique blockchain platform and was the first to enter the register of operators of the DFA information system.

Atomyze will serve as a key element of Interros’ digital ecosystem. In addition to Rosbank, the ecosystem will also include private bank Tinkoff and software engineering firm Reksoft.

Digital financial assets are issued with the permission of the Bank of Russia. Their main difference from cryptocurrencies is that digital assets have obligators. They must comply with the requirements that were designated by the terms for the asset’s issue.