Stablecoin (cryptocurrency)

2018: Norilsk Nickel is going to release a metal-backed cryptocurrency

In October 2018, it became known about Norilsk Nickel's plans to release its own cryptocurrency provided with the company's metals. This asset will be called Stablecoin.

Norilsk Nickel will soon launch Stablecoin, provided with its metals. This is an attempt to offer the market a crypto asset with less volatility than well-known cryptocurrencies and a more obvious connection with real values, "said Vladimir Potanin, head of the mining and metallurgical company (MMC), in a conversation with Kommersant.

Vladimir Potanin

According to him, this project is important for Norilsk Nickel "in terms of obtaining cheap financing," since traditional project financing is a "complex and expensive procedure," and contracts for the sale of future products will also be expensive (the effective rate will exceed 10-12% per annum).

Cryptocurrency should allow the company to reach "a completely new circle of investors with a very large total capital," Potanin said.

Speaking about the timing of the launch of stablecoin, Potanin said that tentatively we are talking about 2019, but the final implementation depends on many factors.

The MMC can launch its token, but you need a platform on which both it and other similar tools from different suppliers will be traded. Of course, if there is a request from them, "Potanin emphasized.

The billionaire, he said, also "has projects for crypto exchange, derivatives and so on." They are supposed to be implemented already within the framework of Interros, which is owned by Potanin. At the same time, as the entrepreneur noted, he would prefer to engage in these projects in Russia, but can launch them abroad.

In connection with the development of his own cryptocurrency projects, Potanin is ready to finance the development and implementation of the bill on digital assets presented by the Russian Union of Industrialists and Entrepreneurs in September 2018.^[1]

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