Nornickel Introduces Digital Metal Trading Platform: A New Era for Commodities

Nornickel Ventures into Digital Trading

The Russian mining and smelting behemoth Nornickel is spicing things up in the world of commodities with its new digital platform for metals trading. The trials kicked off as recently as December 5, and the company has teamed up with notable players like Trafigura Group Ltd., Traxys SA, and Umicore SA. This innovative platform allows users to buy digital tokens that are backed by actual metals, making trading a digital delight for metal enthusiasts.

The Grand Plan: Tokenize Everything!

Nornickel’s CEO, Vladimir Potanin, described the initiative as a shiny new wrapping on existing business connections. Who needs antiquated methods, right? With aspirations to shift 20% of its metal sales to be token-driven in the coming years, Nornickel is clearly aiming high. Think of it as the corporate equivalent of upgrading from a flip phone to the latest smartphone.

Progress Report: On Schedule and Ready to Roll

Nornickel’s venture appears to be hitting milestones like a champ. Andrey Bugrov, the company’s vice-president, has said they expected to launch this product back in 2019, which is not exactly next-level rocket science timing, but hey, who’s counting?

A Nostalgic Revival of Soviet-Era Energy

What’s more intriguing is how former Soviet factories are getting a second chance in the digital age. In fact, the largest data center in the former Soviet Union, named BitRiver, has opened up in the frigid city of Bratsk. It thrives on low energy costs stemming from the site of an old aluminum smelter, making it a paradise for bitcoin miners—or should we say, “the gold diggers” of the digital age.

Future Developments: More than Just Metals?

In a curious twist, the Leningrad Region is also getting in on the action. Deputy Governor Dmitry Yalo announced plans for a new mining facility on the grounds of a bygone Soviet fertilizer lab. Who knew that chemistry could lead to mining new types of profits? Keep your eyes peeled as these industrial behemoths pivot toward modernization!