The richest man in Russia is going crypto.
Vladimir Potanin, whose net worth is about $18 billion, plans to tokenize the rare metal palladium. As the chairman of the mining company MMC Norilsk Nickel PJSC, Potanin told Bloomberg he’s talking with Swiss authorities to utilize crypto tokens pegged to palladium.
Potanin says he believes digital tokens are the wave of the future, offering many advantages over the current way of doing business.
“People more and more tend to use decentralized networks and platforms that don’t have a main operator. We want to be active participants of this process.”
The tokenization of palladium may be just the beginning. If it works out, the company will consider expanding the concept to other metals in the long run.
As for the current state of the crypto market, Bitcoin is down 0.47% at $4,016. Ethereum is down 0.29% at $138.35, XRP is down 0.43% at $0.3067, and Litecoin is up 0.16% at $60.58.
Meanwhile, technical analysts are watching Bitcoin for signs of a new run above $4,050.
FXStreet – BTC/USD consolidates gains above $4,000
Bitcoin Magazine – Upward drift continues following established macro support
Blockonomi – ETH facing a strong resistance near the $142 level
NewsBTC – ETH bulls battling near key support
Coinspeaker – XRP is ranging on the medium-term outlook
NewsBTC – Fresh increase or further decline?
Ethereum World News – Dips remain supported near the $59.50 and $59.00 levels